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Friday, 20th October 2006 (5414 views)

Gold is proving to be more popular than silver among consumers on Dhanteras in the Saraffa Bazar in Peshawa, India.

Dhanteras marks the first day of the Diwali festival celebrations and rising silver prices have led many people to buy gold instead, according to a leading jeweller in Peshawa.

Speaking to the HT Lucknow Live website, the jeweller said that in the week leading up to Dhanteras daily turnover in the Saraffa Bazar had almost doubled to Rs 4 crore (£470,000)

He added that it was small gold jewellery that was replacing silver as the preferred gift during Diwali.

The jeweller also stated that gold is now ruling at Rs 8,000 (£94) per 10gs making it an attractive prospect for consumers.

The State Bank of India is currently the leader in terms of gold sales in the Lucknow circle, India. The bank accounted for almost half of all gold sales in the circle during Diwali among private and nationalised banks.

One reason for the increase in gold sales could be attributed to the growing number of banks offering 24-carat gold coins with the Punjab National Bank the latest to provide the product.

 

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