Daijiworld Media Network - Chandigarh

Chandigarh, Nov 7: A decline in gold prices over the past year has brought cheer to jewellers in Chandigarh, with sales witnessing a significant increase during Dhanteras this festive season.

With 22-carat gold priced at around Rs 1,33,900 per 10 grams, compared to nearly Rs 1.66 lakh during the previous Dhanteras, buyers have found the precious metal more affordable, encouraging purchases for both traditional and investment purposes.

Rajeev Sahadev, president of the Chandigarh Jewellers Association, said gold sales had increased by around 30 per cent compared to last year's Dhanteras, attributing the rise to the relatively lower prices.

“Gold sales have been around 30 per cent higher this time as compared to that of last Dhanteras. The relatively lower prices have brought more customers to jewellery stores, with people making purchases for both festive reasons and investment,” he said.

According to the association, 24-carat gold was priced at Rs 1,45,600 per 10 grams on Dhanteras, while 22-carat gold was available at Rs 1,33,900. The rate of 18-carat gold stood at Rs 1,11,000 and 14-carat gold at Rs 87,600 per 10 grams. Silver was trading at Rs 192 per gram, while a silver coin was priced at Rs 2,300.

Jewellers said customers were buying both gold jewellery and coins, with several considering the prevailing rates a favourable opportunity to invest in the precious metal. While some opted for lightweight jewellery to mark the occasion, others preferred coins and smaller denominations to suit their budgets.

Ranjeet, a resident of Sector 47, who purchased gold coins on Dhanteras, said the lower prices had encouraged him to invest.

“I have bought gold coins today. Since gold prices are currently lower, I felt it was a good opportunity to invest. Gold is something that can be held for the long term,” he said.

Bimla Puri, another city resident, said the comparatively lower rates were particularly welcome as her family had purchased jewellery for her daughter's wedding last year at much higher prices. With her son's wedding scheduled for this year, she found the current rates more favourable.

“With gold prices relatively lower this time, I feel it is a good opportunity. Last year, when we had my daughter's wedding, we bought the family's jewellery at much higher rates. Now for my son's wedding this year, the rates are comparatively better,” she said.

Jewellers said the fall in prices had encouraged customers who had postponed purchases because of the high cost of gold to return to the market. Buyers were also able to purchase a larger quantity of gold for the same amount compared to last year.

The improved footfall and higher sales have made this year's Dhanteras encouraging for jewellers, with purchases reflecting both the traditional significance of the festival and the growing preference for gold as a long-term asset.