Gold jewellery sales double on occasion of Gurupushya Nakshatra, prices likely to fall more

Gold jewelleryRajkot (Gujarat), Oct 17 : Gold jewellery sales have doubled as shoppers throng markets to mark the auspicious occasion of the Gurupushya Nakshatra , Hindu festival celebrated largely in India. Jewellery retailers also attracted customers through massive discounts.

Ahead of Diwali, the Hindu festival of lights, shoppers in Rajkot rushed to jewellery shops to make purchases.

As per Hindu traditions, the Guru Pushya Nakshatra is considered highly auspicious for beginning new ventures or business and for buying gold or silver jewellery. It is believed that any new venture undertaken on this day guarantees good results.

"Buying gold on the auspicious occasion of 'Guru Pushya Nakshatra brings good luck," said Shivangi Rajguru, a shopper.

"Because today is Guru Pushya Nakshatra so I have come to buy some jewellery. There is a lot of variety here and I am not able to decide what to buy and what not to buy. I have come here to buy a necklace set," she added.

Gold price for this year is rupees 27,000 per 10 grams, which is lower as compared to rupees 30,000 per 10 grams during the same period last year.

"Response from customers was overwhelming owing to comparatively low gold prices," said Mukesh Vithlani, a jeweler.

"It is a good day and as compared to last year, the gold prices are also very low so the response from customers is very good and I hope that the gold prices remain like this and we keep getting a good response from customers," he added.

According to India Bullion and Jewellers Association (IBJA) gold prices are likely to fall to rupees 23,000-24,000 per 10 grams by Diwali.

Decline in gold price in global markets, which reduced year-on-year by nearly 10-15 per cent, clubbed with the festivals of Dhanteras and Diwali, which are round the corner, India's demand for gold is expected to peak further. (ANI)