Gold Prices: High Gold Prices Affect Sales On Gudi Padwa, Silver Shines | Pune News

Pune: Jewellers recorded higher footfall but lower gold sales on Gudi Padwa on Tuesday amid soaring prices of the yellow metal, touching Rs 72,000/10g. Vehicle registrations too remained tepid at Pune RTO, which officials attributed to a change in buying trends.Vastupal Ranka, director, Rare Jewels from the House of Ranka Jewellers, said, “Market sentiments remain strong in spite of high gold prices, which are expected to rise further. We estimate a 30% appreciation in the rate of gold, making the yellow metal a fruitful investment. Those who pre-booked their gold purchase a month ago were very happy as they got it for Rs 66,000-68,000/10g.”Ranka said silver was also in high demand among customers. “On Gudi Padwa, customers are buying silver coins and bullions. Many are also buying silver idols,” he said.Saurabh Gadgil, chairman and managing director, PNG Jewellers, said, “Unlike previous years, where pre-booking was more prevalent owing to price volatility, this year has seen a slight decrease in such reservations. There is a surge in interest for contemporary diamond jewellery and lightweight fusion styles for everyday wear.”He said coloured gemstone jewellery was gaining traction. “Customers are opting for lightweight pieces for daily wear alongside heavier statement jewellery for family occasions,” Gadgil said.Citizens were also seen taking advantage of the several different festive offers. Vimannagar resident Meenakshi Phadke said, “Many jewellers offer discounts on making charges for Gudi Padwa. Even though gold rates are high, we made a token purchase as a ritual.”Shailesh Bhavsar, a jeweller from Sinhagad Road, said customers were bringing their own gold beads and bullions to his shop to exchange for jewellery on Gudi Padwa. “Sales, in terms of quantity, are 30-35% less than our expectations this year. From 1pm-5pm there were hardly any walk-ins because of the excessive heat. Customers are buying silver for investment purposes,” Bhavsar said.The Pune RTO recorded 7,336 vehicle registrations this Gudi Padwa week as against 7,706 during the same festive period last year. When it comes to EVs, just 137 vehicles were registered this festive week as against 1,049 in the last. “Before Covid-19 pandemic, people used to wait for special occasions like festivals to buy vehicles. This has, however, changed. People are now buying vehicles throughout the year,” Sanjiv Bhor, Pune’s regional transport officer, said.(With inputs from Joy Sengupta)

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