Gold Rate Today: Today on Dhanteras Gold Rate is Rs.16500 per 10 gm

Today is Dhanteras (15th October 2009) . Delhi’s yellow metal fever is at its peak today, two days before Diwali. The city is set to spend over Rs 65 crores today on Gold. The rate is more than Rs. 16000 per 10 gm of gold and and silver is ruling at an all-time high of around Rs 28,000 a kg.

Whether as jewellery or as investment, demand for gold reaches its peak during dhanteras because it is considered auspicious to buy gold or any metal object today. Gold traders and jewellers say that demand is actually lower than last year. Last year, Dhanteras/Diwali was a more subdued affair because the economic slowdown had just begun. There was no festive buzz that time. This time, there’s loads of buzz, but not in terms of sale, thats what the traders are saying. Pawan Jhalani, president, Sadar Bazar Sarafa Vyapar Mandal said “The rate of gold was much lower last year (about Rs 12,000 per 10 gm), so quantity-wise , the demand was about 150 kg per day. This year, since the rates are very high (Rs 16,500 per 10 gm), the quantity’s lower - 80-100 kg per day."
Vikram Khanna of Khanna Jewellers in Karol Bagh said that the signs of recovery in the economy were showing in the gold market. "The number of buyers is picking up though it is not yet boom time. Sales are above average," Khanna said. Preeti Kaur, chief GM, publicity, precious metals, MMTC, says, “Plain gold’s a huge hit with consumers because it’s the safest investment.” Taken all together, Delhi and NCR will probably buy gold worth more than Rs 65 crore today, and these are conservative figures . Let’s hope this golden period only gets brighter next year!

News excerpts from The Economic Times and The Times of India


Jitender Rawat said...

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