LUCKNOW || The economic slowdown in the country reflected on the festival of Dhanteras on Friday as the amulets fared badly and people chose not to go on shopping binge like in the past years. According to various figures aggregated from trader bodies, the market tanked on Dhanteras, a festival associated with buying new products, gold jewellery and other stuff, by more than 40%.
On Friday, gold prices rose by Rs 220 to Rs 39,240 per 10 gram in the national capital, up by 20 per cent compared to 2018 Dhanteras when the rates stood at Rs 32,690 per 10 gram.
According to the Confederation of All India Traders (CAIT), about 6,000 kg of gold worth Rs 2,500 crore was estimated to have been sold till evening on Dhanteras day, as against 17,000 kg of gold worth Rs 5,500 crore on this auspicious day in 2018.
Sales were down as prices of both gold and silver have sharply increased from over last Dhanteras, which has weakened the demand, he said, adding it was perhaps the “most disappointed Dhanteras” for the traders in past more than 10 years.
In Lucknow, most markets had poor footfall and shopkeepers said they have done poor business, as compared to previous years. A prominent mobile show owner in Hazratganj said that while he used to sell around Rs 10-12 lakh worth cell phones every year, this time the sale barely touched Rs 2 lakh.