MUMBAI/KOLKATA/DELHI - Undeterred by the skyrocketing price of the yellow metal, Indian cities witnessed a gold rush Thursday on the auspicious occasion of Dhanteras.
In Mumbai, where gold is going at Rs.17,000 per 10 grams, people came out in large numbers to purchase the precious metal in the belief it will bring them prosperity.
“Gold symbolises Goddess Lakshmi. If the prices had been more reasonable, we had planned to buy at least 10 grams,” said Minakshi Baikar-Kalbate, a housewife from Malad suburb, who bought two grams of gold Thursday afternoon.
Last year, she had bought a five-gram gold ring for her son.
“It (the rush) exceeded our expectations,” Ashok Minawala, owner of Danabhai Jewellers, a leading retail chain, told IANS.
The situation was similar across the country.
“On this day we do puja at home in the evening wearing new clothes,” said Pushpa Goenka, former president of Marwari Mahila Samiti in Kolkata, told IANS. “After puja, we all go for Dhanteras shopping.”
Like her, Sonia Sharma, a 28-year-old executive with a financial services company in Delhi, too was bitten by the festival bug.
“I bought gold worth Rs.38,888, which is almost the same quantity I purchase every year,” she said.
The sellers are happy.
Said Mukul Sonawala, owner of Mumbai jeweller Narrondass Manordass: “Gold prices have increased by 50 percent. Last Dhanteras, it was Rs.11,800. But still the crowds have increased.”
He, however, said buying patterns have changed. “Instead of buying items of 10 grams and its multiples, people have now resorted to buying in one gram.”
In Delhi, five-gram coins were most in demand, according to a postal department employee selling gold coins at a Connaught Place post office.
“The five-gram gold coins are most in demand and most of the people are buying at least two. However, for gifting purposes, eight-gram coins are the most popular,” he said.
To attract buyers, some showrooms in the national capital have started selling currency note-shaped silver sheets having the pictures of Hindu gods and goddesses.
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