Dhanteras shopping: High price tags didn’t dim gold’s shine – Here’s what drew in consumers – The Times of India

High gold and silver prices had little effect on festive shopping this Dhanteras, with sales matching last year’s volumes and rising by more than 25% in value.Shoppers across the country flocked to stores to buy coins and lightweight jewellery, driven by hopes that prices will keep climbing.

Industry executives said gold and silver coins were the top choice for many buyers this year as people saw them as a smart investment and a way to avoid the higher making charges on jewellery. Ten-gram, 24-carat gold coins, priced at around Rs 1.40 lakh each, were especially popular, according to ET.Jewellery sales were led by lightweight pieces in 22- and 18-carat gold, while younger customers opted for more affordable 9- and 14-carat options.Surendra Mehta, national secretary of India Bullion & Jewellers Association said, “There was a good rush, with queues in Mumbai’s Zaveri Bazar to buy gold and silver coins. The trend from Saturday morning indicates trade will be able to achieve gold volumes of the previous Dhanteras.”Many shoppers had earlier postponed purchases, expecting prices to fall. But with no sign of a correction and indicators pointing to new highs, demand surged. “Now that there is no sign of a correction in prices and all economic indicators are pointing towards fresh highs, people have come out to purchase gold,” Colin Shah, managing director, Kama Jewelry, told ET.Jewellers also noticed growing interest from investors. “Despite record high gold prices, we are witnessing renewed enthusiasm this festive season. Consumers are viewing price volatility as a strategic opportunity to reinvest — whether through gold coins or by upgrading jewellery,” said Ajoy Chawla, CEO of Tanishq.Last year, India sold 39 tonnes of gold on Dhanteras. This year, the Muhurat spans two days, 18 and 19 October. Gold and silver were sold at Friday’s closing prices of Rs 1,34,800 per 10 gm and Rs 1,74,306 per kg, respectively, plus 3% GST, ET reported.Prices have risen sharply over the past year, with gold up 65% and silver up 81% since the last Dhanteras. Retailers in many areas even ran short of coins as demand exceeded expectations. “The trend shows that we will surpass last year Dhanteras sales both by volume and value,” said Baby George, CEO of Joyalukkas.Southern India, which accounts for over 40% of the country’s annual gold consumption of 800–850 tonnes, remained the largest market. But strong coin demand was seen across the country, showing how consumers are adapting their buying patterns in response to price trends.