Mumbai: Providing a much-needed relief to the gold traders after nearly a year-long slump in the business, the consumers in Mumbai and Jalgaon seem to be enthusiastic about buying gold and silver on the eve of Diwali. Buying precious metals on the occasion of Dhantrayodashi and Lakshmi Puja is considered auspicious and therefore, consumers have taken to the market.
Experts forecast that gold transactions are expected to increase during Diwali after corona and the lockdown that marred people's purchasing power.
Mumbai market
There is excitement in the Mumbai market in the hope that the vaccine will be available, resulting in the economy moving from instability to stability and the attraction of investors is shifting from gold to other investments. Therefore the price of gold is falling.
Diwali, the festival of lights, has created a ray of hope in the gold market in Jalgaon. Korean and Turkish jewellery has hit the market for Diwali this year. These ornaments are well-liked by the customers. Goldsmith Vrishank Jain said that only 70 to 75 per cent of gold will be bought this year as compared to last year. People are coming to the market. However, the proportion is lower than last year. Still, the situation is better than what it was. Only four to five customers will be allowed in the shop in the wake of the corona.
This is why Chitrajalgaon gold market is famous in the country
The turnover in all sectors had come to a standstill after the lockdown was announced due to Coronavirus. Since the onset of corona infection, the lockdown has been relaxed since September the transactions in all areas have begun to recover. The gold market in Jalgaon is also recovering. The turnover in this market is increasing. Dussehra, Diwali and the upcoming wedding season will be important for gold traders.
Also read: Gold worth over Rs 15 crores found in Jaipur airport drains
The turnover in the gold market has been increasing since Dussehra. Gold market transactions are expected to increase during Diwali. So there is an atmosphere of satisfaction among gold traders.
There is a 'series' of these ornaments
For Diwali, a new series of Korean, Turkish and casting jewellery has arrived in the gold market of Jalgaon along with traditional jewellery. Along with foreign jewellery, a new series of Rajasthani jewellery is also in demand in the market. All these ornaments are available in different sizes as well as colour combinations. Notably, as the price of gold fluctuates, all these ornaments are available at different prices in the lower weight category.
Gold traders focus on providing jewellery as per the customer's preference as well as budget. Each ornament is available in weights ranging from 5 grams to 5 ounces. Apart from this, jewellery is being made to the liking of the customers. In addition, 24 and 80-carat jewellery and diamond jewellery are also available. Attractive silver jewellery is available for those who cannot afford gold due to rising gold prices. Ajay Lalvani, President, Jalgaon City Saraf Association and Director, Mahavir Jewelers, told ETV Bharat that there is a huge demand for lightweight silver jewellery.
Also read: Maharashtra shop sells Rs 7,000 per kilo luxury mithai this Diwali
A look at current gold rates
Gold and silver prices have fallen for the first time during Diwali on the eve of Dhantrayodashi and Lakshmi Puja. ERV has experienced a rise in gold and silver prices during the same period. However, in Jalgaon today (Thursday), gold is priced at Rs 51,200 for 10 gms (excluding 3 per cent GST) and silver at Rs 64,500 per kg (excluding 3 per cent GST).
Excluding gold and silver from multi-commodity exchanges
Gold and silver prices in India are affected by global market developments. The biggest impact is due to the volatility in multi-commodity exchanges. Speaking on the occasion, Ajay Lalvani said that multi-commodity exchange is a form of speculation. Multi-commodity exchanges include gold, silver and platinum as precious metals. Therefore, in MCX, of course, multi-commodity exchanges have constant volatility in the prices of these metals. The blow falls on consumers, including gold traders.
