Gold worth Rs 20,000 crore was sold during the day. About 40 tonnes of gold has been sold on Dhanteras this year across the country. According to the India Bullion and Jewelers Association (IBJA), this year’s sales are 30 per cent higher than last year’s Dhanteras.
According to IBJA National Secretary Surendra Mehta, about Rs 12,000 crore worth of gold was sold last year. On the other hand, it was sold for Rs 20,000 crore this year. Where last year about 30 tons of gold was sold, this year about 40 tons of gold was sold. He said gold sales have increased by 30 to 35 per cent in the country compared to last year. So on the other hand the value has increased by about 70 per cent.
Exchange-traded fund Nifty Bees, which tracks the 50-share Nifty index saw a record turnover of Rs 281 crore on December 21. This compared to an average daily volume of a little less than Rs 30 crore between January 1 and December 20. Let’s Take a closer look at the ‘what’ and the ‘why’ of this trend.