Gold: Huge sales on Dhanteras, price may cross Rs 1 lakh by next Diwali

Mumbai. On the occasion of Dhanteras, markets across the country were very bright and people shopped heartily. Apart from gold and silver, there was good buying and selling of vehicles, electronics equipment, utensils, clothes and other products. This year, the prices of gold and silver have seen the sharpest rise and new records are being made continuously. Gold has touched the figure of Rs 81,000 and silver has also reached Rs one lakh. Experts say that if this period of boom continues further, then by next Diwali gold can cross one lakh. Silver will also do wonders and can touch the level of 1.25 lakh to 1.30 lakh.

According to the Confederation of All India Traders (CAT), this year a turnover of about Rs 60 thousand crore is expected on Dhanteras. Last year, a turnover of about Rs 50 thousand crore was done. A 20 percent jump in business is possible.

Gold and silver worth Rs 22,500 crore sold
Pankaj Arora, National President of All India Jewelers and Goldsmith Federation, said that despite the rise in prices, there has been tremendous sale of gold and silver on this Dhanteras. Gold worth about 20 thousand crores and silver worth about 2500 crores were purchased across the country. About 25 tonnes of gold was sold, which is worth Rs 20 thousand crores. Similarly, 250 tonnes of silver was sold across the country, which is worth about Rs 2,500 crores. Last year, the business was worth about Rs 25,000 crores.

Vocal for local dominated, sales of Chinese goods decreased
According to the Confederation of All India Traders, Vocal for Local had a wide impact in markets across the country. Purchase of Chinese goods was low. Almost all the purchases were of Indian goods only. According to an estimate, China has suffered a loss of trade worth about Rs 1 lakh 25 thousand crores due to the fall in the sale of Chinese goods related to Diwali. It is worth noting that the Prime Minister had called for Vocal for Local on Diwali.

25% jump in vehicle sales possible
According to automobile industry body FADA, car and two-wheeler sales may increase by 20 to 25 percent on Dhanteras. During Dussehra, this increase was between five to 12 percent. This figure of sales almost doubles on Diwali. Car sales are expected to increase by 10 percent and two-wheeler sales by 15 percent.

Electronic goods sales
Industry body CEAMA said that on Dhanteras, sales of refrigerators, TVs, washing machines along with smartphones may increase by 20 to 30 percent. More sales of expensive devices (premium) are expected in cities.

Increase in purchase of houses
According to real estate experts, house sales may increase by five to 20 percent on Dhanteras as compared to last year. Inquiries and demand for houses worth more than one crore rupees have increased.

Money rained year after year
– 60,000 crores in 2024
– 50,000 crores in 2023
– 35,000 crores in 2022

Gold may cross 100000 by next Diwali, silver will do wonders
On the other hand, experts say that if this phase of boom continues further, then gold can cross one lakh by next Diwali. Silver will also do wonders and can touch the level of 1.25 lakh to 1.30 lakh. In this regard, silver prices can see an increase of up to 30 percent in the coming one year. Silver prices can go up to Rs 1.25 lakh to Rs 1.30 lakh per kg. At the same time, gold can also give a return of more than 20 percent.

Silver will fill the most pockets in future also
According to the report of brokerage firm Motilal Oswal Financial Services Limited, silver has been ahead of gold in giving profits for the past several years. So far in the year 2024, it has given the highest return of 40 percent. Silver may perform better than gold in the coming year as well. The company has estimated that the price of silver can go up to Rs 1,25,000 per kg in the next 12 to 15 months.

Gold doubled the money in 5 years
Gold has been performing well continuously since the year 2016 and is maintaining a positive trend. Its price can go up to Rs 85,000 in the medium term and Rs one lakh in the long term. Statistics also show that investors who bought gold on Diwali in the year 2019 have got a profit of about 103 percent till this year. That is, their money has more than doubled within five. This year gold has given a return of 33 percent, which is the highest in 45 years.

Opportunity to buy in the fall
Experts also say that the rise in the prices of gold and silver will continue, but there will also be a fall in them in between. According to the quarterly report, there may be a correction of 5 to 7 percent in their prices. This will be a good opportunity to invest and investors can buy.

These will be the main factors for the rise in gold
– Rapidly increasing geopolitical tensions around the world.
– Growing uncertainty about the US presidential elections.
– Rate cuts by central banks of many countries.
– Big countries including India increased their gold reserves.
– Investment in gold increased due to the fear of a fall in the stock markets.
– Jewelers increased purchases during the festival and wedding season.
– Options for investing in gold
– Gold-silver jewelry
– Government gold bonds
– Gold and silver ETFs
– Digital gold-silver
– Gold savings funds
– Gold and silver mutual funds

This is why silver is jumping
– Investors increased investment by considering silver as a cheaper option.
– Other countries including China increased silver reserves.
– EV, Solar and Alternative