High price of gold diverted people to silver

KATHMANDU, NOV 02 -

It was a busy day for bullion traders on Friday, with the people thronging jewellery shops to purchase gold and silver on the occasion of Dhanteras, the first day of the Tihar festival.

On Dhanteras, Laxmi—the Goddess of wealth—is worshiped seeking prosperity and well being. It is also the day for celebrating wealth. Due to the religious significance, Dhanteras is also an ideal day for purchasing these precious metals.

As expected, jewellery shops of the valley were overcrowded on Friday. People were found purchasing gold and silver in the form of coins, rings, chains and other appliances at jewellery stores at New Road, Pyukha, Bishalbazaar and Durbarmarg, among others.

Devi Khanal, a housewife from Dillibazar, Kathmandu, who was scanning jewellery at a shop in Kathmandu, believes purchasing gold and silver on the day of Dhanteras would help her welcome the goddess of wealth. “I am here to buy the items not because of my need, but to welcome the goddess to my house,” she said.

The auspiciousness of the day also guided Sharmila Rimal Neupane from Gyaneshwor to buy a gold chain at Bishal Bazar. She said buying ornaments has been a tradition since many years. “Only Indians used to celebrate the festival earlier, but the tradition has entered Nepal too,” she said.

Normally gold rules the trading during Dhanteras, but silver was the leader this year. Traders said high price of gold diverted people to silver. Tej Ratna Shakya, special member of the Federation of Nepal Gold and Silver Dealers Association, said an estimated 500 kg silver was sold on Friday. Normally, silver sales account for 100 kg a day. As gold has become dearer, people shifted to silver just to make a purchase on this special day, Shakya said.

RK Jewelers Manager Prameesh Shakya and Nataraj Jewelers Manager Anurag Agrawal also saw a similar tendency in the customers. “People are purchasing silver at a large scale compared to gold,” said Shakya. “The demand for

gold and silver biscuits also remained high.”

Rohit Agrawal, proprietor of Shalimar Jewellery, said customer football at jewelry shops rose by almost 50-60 percent on Friday compared to normal days.

source: ekantipur.com