Gold sales down by 50% on Dhanteras day

“Gold sales are down by up to 40-50 per cent because of overall high inflation. People are buying silver as a token purchase on this auspicious day despite gold prices being lower than last year,” said an official of Chennai-based Nalli Jewellers.

Bombay Bullion Association's former President Suresh Hundia said overall gold sales are expected to be down by about 50 per cent compared with last Dhanteras due to lack of investment demand for coins and bars.

He said demand for bars and coins are “negligible” as investors are staying away from purchases this year because prices are higher in the domestic market than global rates.