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Gold had a blockbuster Dhanteras this year

Gold had a blockbuster Dhanteras this year

old sales have bettered pre-Covid levels this Dhanteras on Tuesday at 50 tonnes, almost 20 tonnes more than the 2019 Dhanteras on the back of widespread vaccination, fewer infections, and lower price of the yellow metal.

Dhanteras had remained muted last year when local restrictions, fear of pandemic and non-availability of vaccine made most people away from stores while gold consumption on 2019 Dhanteras was about 30 tonnes, according to trade body India Bullion & Jewellers Association (IBJA) whose gold rates are used by the Reserve Bank of India to fix the price of sovereign gold bonds.

“But this year, Covid cases have declined and most of the people have got at least one dose of vaccine,” Surendra Mehta, national secretary of IBJA, told ET. “There are no local restrictions now. Moreover, gold prices have softened, which created a positive sentiment about gold among people.”

The price of gold on Dhanteras day was around ₹47,904 per 10 grams while it was hovering around ₹51,500 last year.

Digital gold players also witnessed a strong demand with people booking gold of ticket size of ₹3,000-4,000 to celebrate Dhanteras, the first day of Diwali festival, when buying gold and other metals is considered auspicious.

Gold was on bull run after the pandemic outbreak last year.

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