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Sharp rise in bullion value to draw buyers this Dhanteras: CAIT

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The coronavirus pandemic has been deterrent for gold and silver jewelry, however the sharp rise in value of the valuable metals in comparison with final 12 months is anticipated to draw buyers this 12 months, the Confederation of All India Traders (CAIT) stated on Friday.

“Corona deprivation, there has been a decrease in the purchasing power of the people in the country but in view of the rising price of gold and silver, huge investment is expected in the markets this year as always,” CAIT President B C Bhartia stated in a press release.

Gold and silver would be the first selection of buyers, for which bullion markets have additionally made preparations and varietals can be found for patrons in each vary, he added.

Dhanteras and Deepawali have particular significance, wherein most Indians invests in gold and silver.

Pankaj Arora, chairman of the gold and jewelry committee of the Confederation of All India Traders (CAIT), stated consumption of gold jewelry has decreased in comparison with final 12 months because of the COVID-19 disruptions. It led to consumption of gold jewelry within the nation to 52.eight tonne within the second quarter of this 12 months from 101.6 tonnes in the identical interval of 2019, a dip of 48 per cent, he added.

“This year, it is expected that people will invest mostly in gold and silver, which is considered safe,” he stated.

In November, gold value has elevated to over Rs 50,520 per 10 grams and the silver has risen to Rs 63,044 per kg from final 12 months in Dhanteras, when gold stood at Rs 38,923 per 10 grams and silver was at Rs 46,491 per kg, Arora added.

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