Pushya Nakshatra sees rise in gold sale in Gujarat

The auspicious occasion of Pushya Nakshatra cheered up the jewellery market on Saturday, as people in Gujarat's Ahmedabad lined up to buy gold and silver in shops all across the city.

Ahmedabad: It is considered auspicious to buy gold and silver during Pushya Nakshatra before the Diwali festival.

This year Pushya Nakshatra was observed on November 7 (Saturday) which saw a larger number of customers at the jewellers’ showrooms.

Despite the high price of gold and silver, there was an increase in the purchase of precious metals.

All trade and commercial activities had come to a standstill during the lockdown period. People had no income. Yet, people in Gujarat bought 300 to 350 kg of gold and silver on Saturday.

Prices of gold and silver shot up before Pushya Nakshatra

The prices of gold and silver are quite high. A day before Pushya Nakshatra, the price of silver in Ahmedabad’s bullion market had witnessed a price hike of Rs 3,500 per kg and that of 10 gram of gold by Rs 900.

On Saturday silver price ruled at Rs 63,000 to Rs 64,000 a kg and that of 999 touch gold at Rs 53,500 to Rs 54,000 per ten grams.

The price of Hallmark jewellery in Ahmedabad was Rs 52,920.

It is believed that buying gold, silver on Pushya Nakshatra gives permanent and long-lasting wealth.

According to astrologers, Pushya Nakshatra, being in alignment with Laxminarayan, is considered very auspicious for buying gold and silver.

Wedding season after Diwali

Neither weddings nor any other auspicious work such as Vaastu could take place due to the coronavirus pandemic.

However, now the central government has issued an unlock process guideline according to which gathering of 200 people has been allowed in social functions.

Hence, there will be weddings galore after Diwali. This is also considered one of the reasons why people went on a buying spree of gold and silver.

Jigar Soni, president of Ahmedabad Jewellers Association, told ETV Bharat that this year 300 to 350 kg of gold and silver was sold in Gujarat for which advanced booking had started ten days ago.

This is considered good amid coronavirus crisis. However, the sale of gold and silver was 30 to 40 per cent less than last year.

Advanced booking was done because of coronavirus

Manojbhai Soni, the owner of AB Jewellers told ETV Bharat that customers had booked their orders in advance instead of personally visiting the jewellery showrooms during Pushya Nakshatra.

He said the price of gold would remain above Rs 50,000. Customers have accepted this as a fact and have made more purchases for the wedding season.