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High prices may dampen gold rush this Diwali
The Morning Standard
|November 10, 2023
Prices rise 11% year-to-date on economic, geopolitical uncertainties 21,128 crore to VIL
HIGH prices may dampen the spirit of gold buyers this year as jewellers across cities are getting mixed response from buyers ahead of Dhanteras.
While some are claiming long queues before their stores, others are reporting lukewarm responses. Dhanteras is marked as the beginning of five-day Diwali festival and is considered auspicious to buy gold. Gold prices are currently hovering around ₹60,000 per ten grams in cities like Delhi, Nagpur, Mumbai and other parts of the country. "There is a significant demand for physical gold as compared to last year, as per some jewellers. My stores are crowded with enthusiastic buyers to buy jewellery. This time, the booking is 30% higher than the previous year," Rajesh Rokde, director at Nagpurbased Rokde Jewellers.
This story is from the November 10, 2023 edition of The Morning Standard.
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