Gold prices have been touching the sky for the last few years. The price of gold is running fast, due to which gold has become so expensive that the common man is not able to buy jewelery. According to the Industry Body India Bullion and Jewelers Association (IBJA), gold sales have declined in this Dussehra. It has come down 25 percent or a quarter to 18 tonnes.
The gold retail price on Dussehra celebrated on Thursday was Rs 1.16 lakh per 10 grams, which is more than Rs 78,000 per 10 grams of Dussehra in 2024. Consumers will also have to pay 3 % object and service tax (GST) in addition to the price of bullion market. Jewellers also charge a making charge of 15 to 30 per cent based on jewelery design.
IBJA National Secretary Surendra Mehta said that Dussehra was better last year, as gold sales were 24 tonnes. This year, prices on Dussehra remain at Rs 1.16 lakh per 10 grams, which has reduced the demand. However, now consumers have started buying gold because they feel that prices will not come below this level soon. Consumers are ordering for the upcoming Dhanteras, Diwali and wedding season.
Gold exchange more
The demand for gold and silver coins has been good on this Dussehra, because many people are buying them as an investment means. 5 grams of gold coins are being sold more, while 20 grams of silver coins are also being sold fast. According to the Economics Times, some jewelers say that people played to buy new jewelery, people are swaping more old jewelery. It contributes about 50-55% to the cell. The trend of old gold exchange has intensified across the country as high prices are preventing consumers from new purchases.
Demand for gold rods
In South India, Jewelers have informed about low sales of gold during the current festive season. Some jewelers say that people are buying gold rods instead of jewelery for weddings. Gold rods of 10 grams to 20 grams are being sold more. He also said that there has been a growth of 55 to 60 percent in the old gold exchange on Dussehra.
Sleeping out of the reach of the common man?
In the last one year, gold has crossed 80 thousand to 1 lakh, due to which gold is now seen going out of the reach of the common man. People are now buying gold less for jewelery and more for investment. Gold is being purchased for the future and those who want to make jewelery are shopping for old gold.
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