Bhopal (Madhya Pradesh): With the festive season underway and demand at its peak, gold and silver prices may continue to stay high. Sales were low on Pushya Nakshatra, so jewellers are counting on Dhanteras to make up for it.
However, the picture isn’t quite rosy as customers will have to shell out double the money they spent on Dhanteras last year. For instance, a silver coin that cost Rs 1,000/10 gram last year is about Rs 2,000/10gram, according to jewellers. A shortage of silver has also added to the woes.
As per Sarafa Bazar, the silver rate is Rs 1.85 lakh per kg while gold (24 carat) is at Rs 1.28 lakh per 10 gms this time. Last Dhanteras, gold was at Rs 78,500 per 10 gms while silver was Rs 97,500 per kg. The shortage of silver has also hit the market. Silver prices might soon come down, at least in the short run. With festive buying expected to taper off after Diwali, the market could begin to normalise.
Vineet Simhal, general secretary of the Sarafa traders’ association, said, “This time, the rates of gold and silver have increased, so the market of silver coins, which are generally purchased on Dhanteras, will cost almost double the rate of last year…Silver shortage barely matters. The market will make up for its losses on Dhanteras.”
Anand Soni, 10-number market jeweller, said, “This volatility is likely to ease after the festive season. Post-Diwali, we might see the market normalising as arbitrage returns and premiums compress. I expect this to start from next week onwards. There is indeed a shortage of silver in the market, but it is the bullion segment, not items that have been prepared three to four months ago. There are enough items in the market, but prices will almost double this year as bullion rates have tremendously increased.”
Sushil Dhawani of Anmol Jeweller said, “We did not have much business this Pushya Nakshatra as the market was normal due to inflation. Gold and silver costs are very high. Hardly any customers turned up to purchase. We have high hopes for this Dhanteras.”
Current rates (Sarafa Bazar):
o Gold (24 carat): Rs 1.28 lakh per 10gm
o Silver: Rs 1.85 lakh per kg
Last Dhanteras rates:
o Gold – Rs 78,500/10gm
o Silver – Rs97,500/kg.
