Stories
Why buyers are avoiding gold and silver this festive season
- •Gold and silver purchases have dropped significantly despite the ongoing festive and wedding seasons.
- •Customers still find prices too high and are hoping for a further drop in rates before making purchases.
- •Data shows that in September, gold imports plunged by 81.27 percent and silver imports dropped by 49.11 percent.
- •Bullion traders note a shift in consumer preference toward lightweight jewelry and silver due to high market prices.
Key Questions Answered
According to local jewelers in Dehradun, 24-karat gold is priced at Rs 1,47,400 per 10 grams, 22-karat at Rs 1,35,350, 18-karat at Rs 1,12,350, and 14-karat at Rs 88,700 per 10 grams. Meanwhile, silver is selling at Rs 2,15,000 per kg.
Data indicates that in September, gold imports plunged by 81.27% to $1.8 billion while silver imports dropped by 49.11% to $665 million. Experts attribute this sharp decline to the massive hike in customs duty on precious metals.
Despite a recent decline of Rs 3,000 to Rs 4,000 in prices, customers still find gold and silver too expensive and are holding out in hopes that prices will drop further. Consequently, buyers are prioritizing lightweight jewelry and silver rather than purchasing traditional heavy pieces.
