Ganesh Chaturthi Gold Sales Plummet 15% Amid Price Surge

This year's Ganesh Chaturthi saw a decline in gold sales volume, dropping by about 15% compared to last year. The sharp rise in domestic gold prices to Rs 1.57 lakh per 10 grams with a goods and services tax of 3% in Mumbai's spot market contributed to the decrease.

Consumers have either trimmed their purchases or opted for lighter gold pieces due to the high prices, according to industry executives. Some consumers also chose to exchange old jewelry for new ones, which are mostly lightweight.

The sales of bullion coins and bars showed traction this Ganesh Chaturthi, indicating cautious optimism among investors. This trend is in line with the broader pattern seen in the Indian gold market, where wedding-related buying has remained relatively resilient and physical investment demand steady.