The Gujaratis, Punjabis, Marwaris should be flocking to jewelers for buying gold and silver on Dhanteras. It’s traditionally so. As per World Gold Council (WGC), Indian gold sales during Oct. 31-Nov. 6, a period when India celebrates Dhanteras and Diwali festivals, is expected to 40 per cent extra sales this year. Dhanteras falls on Nov. 3 and Diwali falls on Nov 5.
The reality does not support the WGC optimism. The stock of gold has been declining. This has further pushed up the prices. people are doing away with gold purchases or reduce. The alternatives are Gold ETF, Silver, diamond and electronics, but, not necessarily in the same order.
Some of the reports are contradictory and is bullish on gold buying. This may not be true.
Silver has seen prices zoom to Rs 38000/- per kilogram. This is a clear indication of unpopularity of gold this year.