PUNE: On the occasion of Dussehra, marigold flowers were sold at ₹30 to ₹50 per kg in the local retail markets on Monday as Punekars thronged city streets ahead of the festivities.
“Today the rates of marigold flower is ₹40 per kg at our stall and this will go up tomorrow up to ₹ 60 to ₹80 per kg on the Dusshera day. This year the supply of flowers is high from across the farmers within the district, so the rates are low,” said Satish Kenjale, a retail vendor from Sinhagad Road.
At the same time, the price of gold has gone up amid the festive season. The rate of gold 24K was ₹ 61,750 for 10 grams, while that of 22K gold was ₹56,600 for 10 grams.
“Dussehra has started on a very high note, in fact, the upward trend has been visible and has moved into high gear since the beginning of Navratri. We have seen a huge uptick across all categories of gold, silver and natural diamonds. The sentiment has turned bullish, not only for this season but for the next two to three years,” said Dr Saurabh Gadgil, chairman and managing director, PNG Jewellers.
“Almost all mutual funds and hedge funds have predicted gold crossing the $ 2200/ounce mark from the current levels of approximately $1970/ounce by next year. This has created a sense of buying opportunity in the minds of consumers and hence we will see record sales happening this year. I estimate around 30% increase in sales (quantity wise) year on year from last Dussehra,” he said.
“The product mix has changed a bit and we expect increased demand for gold bullions and coins. About 30% of quantity sales this year would be in bullion while 70% rest will be in jewellery which typically is a 25-75 ratio. Diamond prices have also seen a correction and there is huge demand for natural diamond jewellery, which had seen sluggish sales during July- August this year. Silver on the other hand has been riding a high since Adhik Maas and that is a continuing trend as well,” he said.
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