Suryaa Business Desk: Gold sales across the country are heading toward new records during the Dhanteras and Lakshmi Puja festive period. The All India Gem and Jewellery Domestic Council (GJC) stated that despite gold prices being at peak levels, consumer purchases are exceeding expectations. It is estimated that total gold sales in the country during this festive season may cross Rs 62,000 crore.
GJC Chairman Rajesh Rokde stated that demand has not decreased due to cultural belief in gold, historical returns, and growing confidence among investors. He noted that 'Gen Z' and the youth are showing significant interest in gold purchases during this year's Lakshmi Puja. He explained that gold holds a high position in religious and traditional values, and purchasing jewelry during festivals is considered auspicious.
Compared to last year, gold has provided returns of approximately 9 to 14 percent. The price of 10 grams of gold, which was previously in the range of Rs 80,000 to Rs 1,15,000, is currently in the range of Rs 1.42 lakh to Rs 1.43 lakh. Analysts believe that even though prices reached higher levels earlier in the year, current festive season prices appear attractive to consumers. The GJC stated that in its 26-year history, gold has provided returns of approximately 3,200 percent, maintaining its position by withstanding economic recessions, wars, and market fluctuations.