Urge to splurge on gold prevails this Dussehra

The rising gold prices failed to play spoilsport or deter Puneites from purchasing gold on the auspicious day of Dussehra yesterday. Even as the price of the precious metal has reached Rs 31,200 per 10 grams (24 carat grade), people, mostly women still find it difficult to defeat the urge to splurge.

Auspicious: A jewellery shop on Laxmi Road that witnessed a major rush of buyers yesterday. Pic/Krunal Gosavi

Jewellery shops were open early were crowded with buyers from the morning and price was not a deterrent. Fatehchand Ranka of Ranka Jewellers said that the skyrocketing price of gold have done little to dampen the spirit of buyers.

"The buyers hold religious sentiment behind buying gold on muhrats. Dussehra is considered to be a one of the auspicious muhurats among three and the half muhurats in the entire year. We always witness a mad rush of buyers on Dussehra," Ranka said.

Saurabh Gadgil of PNG Jewellers said that the Puneites are not only buying pure gold, but gold jewellery is are also in major demand. While Kunal Ashtekar of Ashtekar Brothers said that people prefer purchasing gold as an investment and therefore the craze will never fade away, irrespective of the increasing rates.

Meanwhile, thousands thronged Laxmi Road - a major jewellery shop hub yesterday evening. Buyer Vaishali Mule said that every year on Dussehra, she has being buying gold mainly because of the belief that pure gold bought on Dussehra brings good fortune. Meera Kulkarni who had been standing in a queue for over an hour outside a famous jewellery shop said that she wants to buy a ring of pure gold to gift to her son-in-law.

Arya Joshi, a researcher of Hinduism at Janaprabodhini said that there is no logic behind buying gold only on auspicious days. "It hasn't been mentioned even in the Dharmashastra to buy gold on the muhurats," Joshi said.u00a0