“On Dhanteras, the gold sales touch around 40 tonnes every year. However, the weak demand may decrease the sales by 50 per cent this year,” Surendra Mehta, National Secretary, India Bullion and Jewellers Association (IBJA) told IANS.
Gold imports have also nosedived due to higher prices and an increase in the import duty, Mehta added. India imported only 26 tonnes of gold in September this year, down from 81.71 tonnes a year ago. The imports fell 68.18 per cent, as compared to last year.
In the international market on Monday, gold prices rose over $250 per ounce to $1,500 per ounce as compared to last year. It was trading at $1,242.20 per ounce on October 5, 2018.