Gold worth Rs 20,000 crore sold on Dhanteras says jewellers body

The sale of gold this year on the auspicious occasion of Dhanteras has been 30 per cent more than the previous year People bought gold worth a staggering Rs 20000 crore during the festival in 2020 according to the India Bullion and Jewellers Association IBJAAccording to IBJA data the sale of gold on Dhanteras across the country this year was about 40 tonnes valued at approximately Rs 20000 croreIBJAs national secretary Surendra Mehta told IANS that last year gold sales were about Rs 12000 crore The figure has risen to Rs 20000 crore this yearLast year about 30 tonnes of gold was sold The sale has been about 40 tonnes this year Mehta saidHe said that while gold sales have increased by 30 to 35 per cent over the previous year the price has increased by about 70 per centMehta said that this time the biggest reason for the increase in gold sales on Dhanteras has been the lack of jewellery sales over the last eight months which led to pent up demandHe said that during the lockdown people could not buy gold jewellery because the market was closed Now with a wedding season ahead people waited for the purchase of gold and silver on the occasion of DhanterasIn the meantime the gold price has come down a little after touching a high of Rs 56000 and owing to Corona the price is likely to shoot up again making people purchase gold at this timeMehta said that this year Dhanteras was celebrated for two days in some parts of the country including on Thursday which gave people more time to buyAccording to the IBJA the average price of gold of 24carat purity 999 purity on Friday was Rs 50849 per 10 grams without GST The average gold price of 22carat purity 995 purity was Rs 50645 per 10 gramsAt 642 pm on the Multi Commodity Exchange MCX on Friday gold was trading at Rs 50925 per 10 grams up 325 rupees from the last sessionThe Ahmedabadbased President of the Gem and Jewellery Trade Council of India GJTCI Shantibhai Patel said that gold and silver remained strong though he said that silver procurement was high as people buy utensils more than silver jewellery on DhanterasAjay Kedia director Kedia Advisory said that gold hit a high of Rs 56191 per 10 grams on MCX in August and at present the price is Rs 5000051000 per 10 grams The silver price had sprung up to a record Rs 77949 rupees per kilo on August 7 while at present the price is Rs 6300064000 per kilo Therefore people have been inspired to make purchases now He said the weakness of the dollar is also supporting gold in the international marketKeep scrolling to read more newsCatch up on all the latest Crime National International and Hatke news here Also download the new midday Android and iOS apps to get latest updates MidDay is now on Telegram Click here to join our channel middayinfomedialtd and stay updated with the latest newsThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever