Gold buying frenzy at Mumbai's Zaveri Bazaar on Dhanteras

A heavy rush of customers was seen for gold purchases on the auspicious occasion of Dhanteras at Mumbai's famous Zaveri Bazaar. According to an India Today report, well-known jeweler Kumar Jain stated that despite a significant increase in gold prices, the enthusiasm of customers remains intact. Compared to last year, more customer footfall was observed in shops this year, which led traders to open their shops as early as 9:00 AM.

Kumar Jain, providing details, mentioned that gold prices were previously 1,31,000, which have now increased to reach 1,49,000. Even so, there is a belief among customers that gold prices may rise further in the future, so they are preferring to buy now. The impact of the price hike has certainly affected the volume of purchases, as people are now buying gold in smaller quantities, but the increase in the number of buyers has been encouraging for the traders.

Buying gold on the day of Dhanteras is considered auspicious in Indian culture. According to Kumar Jain, customers are giving more importance to buying gold coins and jewelry, especially for worship. Emotional sentiments of people are attached to this purchase. Furthermore, many customers had already booked gold jewelry in advance, which shows that despite inflation, the attraction towards gold has not diminished. This day was very busy for traders and the atmosphere of buying remained throughout the day in the market.

Kumar Jain is a well-known jeweler in Mumbai, who has been active in Zaveri Bazaar for decades. He is known as an expert in the gold market and periodically gives his opinion on market trends. Zaveri Bazaar is considered India's oldest and largest gold market, where it plays an important role in determining gold prices and demand across the country. The buying that happens here on the day of Dhanteras is seen as an important indicator for the gold market of the entire country.

Thus, the crowd and enthusiasm for buying seen in Mumbai's Zaveri Bazaar is proof that no matter how high gold prices are, buying gold on the day of Dhanteras is an unbroken tradition for Indian customers. Kumar Jain clarified that customers are aware of the price hike and are also apprehensive that prices will rise further in the future, yet they flocked to the market to make purchases according to their faith and tradition. For traders, this year's Dhanteras festival has been satisfactory due to the response from customers.