Hyderabad jewelers anticipate brighter Dhanteras amidst falling gold prices

Over the past three days, gold prices have seen a gradual decrease in Hyderabad, providing a favorable scenario for those looking to invest in the precious metal

Hyderabad: With the festival of Dhanteras fast approaching and coinciding with the wedding season, Hyderabad is abuzz with excitement due to the recent drop in gold prices.

Local jewelers are preparing for what they anticipate will be a more promising Dhanteras this year, and consumers are considering the opportunity to make significant purchases. Over the past three days, gold prices have seen a gradual decrease, providing a favorable scenario for those looking to invest in the precious metal.

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On Wednesday, 24-carat gold per 10 grams was priced at Rs 61,200, while 22-carat gold per 10 grams was available at Rs 56,100. The downward trend in gold prices has created a buzz in the city’s market, prompting jewellers to offer discounts on making charges along with other assured gifts.

“Confidence is high for the gems and jewellery sector about good sales volume,” said Amit Pratihari, Vice President of De Beers Forevermark. There has been a positive shift in consumer buying patterns as they are now more inclined to purchase items that are meaningful.

Pratihari added, “This festive season, we are expecting a substantial growth of around 25-30 per cent, with South India being a significant driver. The demand is expected to continue into the new year as well.”

The recent slight decline in gold prices can be attributed to a decrease in the risk premium associated with the Israel-Hamas conflict.

A jeweler in Begum Bazaar, Pawaskar, believes that the recent correction in gold prices has presented a timely and favorable opportunity for enthusiasts of the precious metal.

Most city jewellers are expecting better sales than last year, and they have already begun receiving orders.