Gold, silver sales down by up to 40%

New Delhi: Mirroring slowdown in the economy, pre-Diwali Dhanteras sale of gold and silver dipped by as much as 40 per cent as high prices and lower consumer spending hit demand.

Dhanteras, considered the most auspicious day in Hindu calendar for buying items ranging from precious metals to utensils, was a muted affair in most markets across the country with traders complaining of lesser footfall and reduced consumer spending.

On Friday, gold prices rose by Rs 220 to Rs 39,240 per 10 gram in the national capital, up by 20 per cent compared to 2018 Dhanteras when the rates stood at Rs 32,690 per 10 gram.

According to the Confederation of All India Traders (CAIT), about 6,000 kg of gold worth Rs 2,500 crore was estimated to have been sold till evening on Dhanteras day, as against 17,000 kg of gold worth Rs 5,500 crore on this auspicious day in 2018.

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