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Gold sales fall about 15% during Ganesha Chaturthi as prices spike
LiveMint Markets cites nearly 125% growth in domestic 24K prices over 2 to 3 years to over ₹1,57,000 per 10 grams, pricing heavy jewellery beyond many budgets.
Gold sales during India’s Ganesha Chaturthi were subdued this year, with industry experts estimating a nearly 15% year on year decline in sales volumes, according to LiveMint Markets.
The article attributes the drop primarily to much higher domestic spot gold prices, which pushed buyers to reduce quantities and shift toward lighter jewellery, coins, and “paper gold” or digital gold options such as exchange traded products.
LiveMint Markets points to an extreme increase in domestic 24K prices, noting they rose nearly 125% over 2 to 3 years from about ₹69,000 to ₹70,000 per 10 grams to over ₹1,57,000, alongside 10% to 25% making charges and 3% GST.
It also links the higher rupee value pressures to gold imports, saying spot gold traded above ₹1,51,000 per 10 grams in Ahmedabad on Wednesday afternoon, and that rupee weakness against the US dollar has increased import costs, lifting prices further.
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