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High gold prices hurt demand on Dhanteras (Lead)
New Delhi, Nov 5 (IANS) In line with expectations, the sale of gold this Dhanteras across metro cities was subdued owing to high prices of the precious metal.
Gold prices are currently around the highest levels in the last few years. In Delhi, gold was priced around Rs 32,600 per 10 gram on Monday.
Dhanteras is considered an auspicious occasion for buying gold.
“In Delhi, demand on Dhanteras fell around 40 per cent from last year as gold prices are highest in the last three-four years,” said an employee with Nihalsons Jewellers, based in the capital.
Another employee with Haryana Jewellers in Delhi said: “You can see crowds in the shops, but most of them do not end up buying.”
In the country’s financial capital — Mumbai — too traders said sales were down 40 per cent on year-on-year basis.
“Though there are crowds, people are not buying as per the expectations, but merely making token purchases of 5-10-20 gm to mark the auspicious day. Mostly gold coins/ or guineas are moving while small, medium or big articles of jewellery are virtually ignored,” said Mumbai Jewellers Federation President Rakesh Shetty.
Similarly, demand for the yellow metal in Kolkata during the day was down 10 per cent as prices were around 7 per cent higher than last year, India Bullion and Jewellers Association’s West Bengal President Pankaj Parekh told IANS.
“Dhanteras was expected to bring the much needed rejuvenation in the market but this year jewellery sales have not yet picked up so far,” he said.
According to Parekh, the depreciation in rupee and rise of international gold prices by around 3-4 per cent in the last two months have pushed the domestic prices of the metal to Rs 32,700 (including GST) per 10 gm during this year’s Dhanteras from Rs 30,500 last year.
Somasundaram P.R., the World Gold Council’s Managing Director for India, said organised players in the market seem “better placed” in comparison to the unorganised participants due to “transparency measures” including the use of digital wallets.
“Anecdotal feedback from industry suggests that though footfalls seems to be good, demand could be moderate,” he said. The recent sharp increase in prices could weigh on the consumer wallet though, limiting purchases during this season, he said.
However, there were some voices of positivity, too.
The All India Gem & Jewellery Domestic Council (GJC) said contrary to the expectations, gold and jewellery sales have zoomed during Dhanteras and the positive trend is expected to continue till the upcoming winter wedding season.
“The past three days have surprised even the industry. People are literally out in droves in shops and showrooms to make gold purchases. For two months, till last Saturday, the market situation was extremely gloomy,” said GJC President Nitin Khandelwal.
“Our expectation is that USD may touch around Rs 85 in the near future, given the current international scenario. Along with that, gold itself would shoot up to Rs 45,000 per tola (10 gm). Plus, the upcoming winter marriage season is also driving up the sales,” Khandelwal told IANS.
Jewellers have now set their eyes for the wedding season starting this month which is likely to firm up demand for gold for jewellery. The marriage season generally starts in November and lasts till March.
–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.
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