The great Hindu festival has begun and we can see beginning everywhere. The festival starts with the Wagh Baras and before that here we go, comes, Pushya nakshatra. It is the day when people believe that it is very auspicious to buy Gold and Silver and they do pooja of that gold bought on the day of Dhanteras i.e. a day after Wagh Baras. This is celebrated with very eagerness and love in all over Gujarat and Maharashtra specially. This Diwali the gold buyers are still on high despite of the gold rates are touching the sky.

The Gold rose to a record high in Mumbai on overseas guidance as rising oil prices and a weak dollar bolstered the Gold price to a new all-time peak on Tuesday. The standard gold rate on Tuesday in Mumbai was as high as Rs 16,120 per 10 gm, breaking a record. The earlier record was of Rs 15,980 on September 16 and now it has broke that too. 

It is estimated that 200 kg of gold (worth Rs 33 crore) was bought in Ahmedabad on a single day. Gujarat’s figure would hover around 500 kg (worth Rs 83 crore) according to estimates.

“Recession or price rise, I have to buy a precious metal on Dhanteras. If not gold, it must be silver,” said Kakoli Ganguly, a resident of central Calcutta. For her it’s a festive buy, but for many others it’s an intelligent investment.

Retailers of the yellow metal recorded a 20-40 per cent rise in sales compared with this day last year. In London, gold breached all previous records to hit $1,068.15 in early Tuesday trade on the dollar’s decline as the prime international currency increased the metal’s appeal as an alternative asset. The gold closed at $1,055.25 an ounce in New York on Monday.

Not only gold, even silver has become dearer by Rs 5,000 a kg — up from Rs 22,000 to Rs 27,000. Despite of rise in price and hike the people still opted more for new jewellery than breaking old and making new. The rate of new purchase was very high. 

Manoj Soni of AB Jewels said that majority of clients bought fresh gold instead of exchanging old jewellery for new. “There is hardly 20 per cent of recycling this time,” Soni added.

Ketan Shroff, director of Mumbai-based jewellery retailer Pushpak Bullions said that, “Although consumers are a little apprehensive over fresh purchases amid expectations of an imminent correction, we are expecting a good business on Dhanteras”. 

With this rise in price and economic instability, we can clearly see that common people can hardly buy any jewellery or other products. This new economy has made poor people even hard to survive. Hope it get up well and there comes any solution! The only thing we can do is hope for the best. May this Diwali bring lights, joy and prosperity in everyone’s life!

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Posted by Naresh Koshti on 15 October, 2009 11:33:36 AM IST #