Economic slowdown hits gold sales on Dhanteras to a 10-year low

The economic slowdown has hit festive spirits after sale of gold and silver dipped by as much as 40 percent in the pre-Diwali Dhanteras sale.

Dhanteras, considered as the most auspicious day in Hindu calendar for buying items ranging from precious metals had a low turnout in most markets across the country with traders complaining of lesser footfall and reduced consumer spending.

Gold prices short up 20 percent between Dhanteras now and 2018.

Data from the Confederation of All India Traders (CAIT) said 6,000 kg of gold worth Rs 2,500 crore on Dhanteras day against 17,000 kg of gold worth Rs 5,500 crore on this auspicious day in 2018.

Traders put this gold shopping festive as the worst sale for the last decade.

Most consumers who celebrate the festive have either stopped buying gold or have shifted to smaller token silver items.

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