Dhanteras sends gold, silver sales soaring
KATHMANDU, OCT 22 -
Things were hectic for bullion traders on Tuesday as eager festive shoppers were snapping up gold and silver on the occasion of Dhanteras, which is considered to be an auspicious day to buy precious metals.
According to the Federation of Nepal Gold and Silver Dealers’ Association (Fenegosida), an estimated 300 kg of silver and 60 kg of gold were sold in one day.
“Dhanteras is the biggest day in the year for bullion traders when silver sales jump three-fold and gold sales double,” said Tej Ratna Shakya, a special member of Fenegosida.
He added that gold and silver sales started gaining momentum with the start of Tihar, and expected business to remain brisk for another two days. “We estimate that more than 700 kg of silver and around 100 kg of gold will be sold before Laxmi Puja,” he said.
Most gold and silver shops at New Road, Pyukha, Gucha Tol and Bishal Bazaar could be seen packed with customers. “Footfall was overwhelming today, and we witnessed a two-fold jump in silver sales while gold sales were up around 60 percent compared to normal times,” said Kedar Gupta, chairman of Shree Ridhi Sidhi Jewellers at Bishal Bazaar.
According to traders, gold and silver coins, rings, chains and idols of goddess were the highest selling items apart from jewellery. “Some people also place orders a month ahead of the Tihar festival so that the jewellery will be delivered on the auspicious day,” he said.
Sharmila Pandey from Maharajgunj who was shopping for a gold coin at Pyukha said that buying gold or silver coins had been a tradition for many years. “I don’t know whether gold coins will provide a good return, but I believe that buying even a small amount of the precious metal on the occasion of Dhanteras will bring prosperity,” she said.
Sellers said that the tradition of buying gold was shifting to the day of Dhanteras from Laxmi Puja. “In the past, people used to throng the bazaar to buy gold on Laxmi Puja, the third day of the Tihar festival, but they have been following the Indian tradition of doing their buying on Dhanteras from the last four to five years,” said Shakya.
Traders said that lower prices compared to last year also helped to push up sales. Gold was traded at Rs 52,800 per tola while silver was traded at Rs 745 per tola on Tuesday.
Though Nepal Rastra Bank has been allowing commercial banks to import 15 kg of gold per day, bullion traders said they had been fulfilling demand from various sources like air travellers and customers recycling old jewellery.
“Travellers returning from the UAE, Hong Kong and Singapore usually bring some gold with them. Similarly, customers who recycle gold jewellery are sources for us,” said Shakya.
Source: The Kathmandu Post
