Ganesh Chaturthi sees high gold demand despite steep prices
today Sep 4, 2019
Gold and silver jewellery enjoyed strong demand this Ganesh Chaturthi, despite the current high prices for the precious metals.
Ganesh Chaturthi, which took place on September 2, helped to boost the gold and silver jewellery trade with renewed demand, especially for silver-made modak, flowers, and necklaces, TNN reported. The festival is a time when many devotees purchase jewellery or ornaments for Ganesh statues and some purchase jewellery for the upcoming festive season.
“The jewellery market in the district had become stagnant in the past due to rise in gold and silver prices for almost two months,” a member of the Nashik Jewellers Association told TNN. “The Ganesh festival has given a boost [to] the jewellery market.”
Gold prices had crossed the Rs 40,000 ($554) mark per 10 grams at the end of last month but, as of September 4, are at Rs 37,910 per 10 grams for 22 carat gold. On Monday, the day of the festival, gold was at Rs 37,600 per 10 grams.
Gold jewellery exports rose by 17.21% year-on-year from April to July 2019, according to the Gem and Jewellery Export Promotion Council’s data, published on its website.
Gold imports also rose by 35.5% in the first quarter of the 2020 financial year. Silver jewellery exports rose by 102.6% year-on-year from April to July 2019 and imports rose by 3.55% year-on-year over the same time period.
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