New Delhi: On Dhanteras day demand for gold is likely to pick up Friday over India, considered to be an auspicious day for buying the precious metal. After logging gains for two days, gold price yesterday headed low by Rs 15 to Rs 30,700 per 10 grams among a weak trend overseas.
Silver cracked below the Rs 43,000-mark by dropping Rs 300 to Rs 42,700 per kg due to depleted off-take by industrial units and coin makers. It is considered auspicious to buy valuables like gold on occasions like Dhanteras, Diwali & Akshay Tritiya in India. Gems and jewellery retailers are expecting around 25 % growth in sales in this Dhanteras, compared to last year due to good monsoon and pent up consumer demand.
Meanwhile, state-run trading firm MMTC has bind up with seven banks, together with ICICI & HDFC Bank, to sell govt minted ‘Indian Gold Coin’ in order to cash in on Dhanteras buying rush.
BSE a leading stock exchange has also decided to extend the trading session for GETF and Sovereign Gold Bond on Oct. 28 till 1900 hours on Dhanteras, a festival celebrated two days before Diwali. On Friday, on the bright occasion of Dhanteras, Oct. 28, 2016, the exchange has decided to conduct expanded Live trading session in Gold ETF securities & Sovereign Gold Bond (SGB) securities in the equity segment, BSE said in a note.