Rajasthan: Will gold glitter this Diwali?

With gold rates touching Rs 32,000 per 10 gm, the customers are shying away from buying it this Pushya Nakshatra. The current rate of the yellow metal is one of the highest this season, however, the jewelers are hopeful that festive spirit and tradition of buying gold during Diwali will take over and to some extent will lower down the inflation impact, thus making buyers shop for gold ornaments and coins.

“The gold will get costlier in the coming days and there is no point in adopting wait and watch approach expecting prices to plummet. Those planning to buy gold should go for it as its getting costlier by the day,” said Kailash Mittal president of Jaipur Sarafa Traders Committee (STC) while speaking to DNA.

In a period of just one month the gold rate has shot up by Rs 2,000 per 10 gm. On October 1, the rate of gold touched Rs 29,000 per 10 gm. Pushya Nakshatra this year falls on October 31 and as per Indian astrology, buying gold is considered auspicious on this day. Every year a large number of people buy gold with marriage season approaching immediately after the Diwali season gets over. This is the prime reason why gold buying starts from Pushya Nakshatra and it goes on till the marriage season lasts.

The jewellers have already started receiving jewellery orders and for gold coins that is an important element during dhanteras puja, but given the volatile market conditions, common man is keeping himself away from gold purchase. “Gold rate is very high. I have planned to buy just a bangle for myself, however, I will wait for now and spend later when the prices will fall,” said Deepa Sharma, a working professional.

Meanwhile, the automobile sector looks upbeat and is expecting a good season ahead. Various automobile companies have also curated special offers for the customers on Pushya Nakshatra.

Festive Spirit

Gold rates are touching Rs 32,000 per 10 gm and customers are shying away from buying it this Pushya Nakshatra. The current rate of the yellow metal is one of the highest this season, however, the jewelers are hopeful that festive spirit and tradition of buying gold during Diwali will take over and to some extent bring down the inflation impact.

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