Lucknow Sarrafa Market Sees Dip in Gold and Silver Sales Despite Surge in Prices

According to the latest reports, the Lucknow Sarrafa Market saw a dip in gold and silver sales volumes this Dhanteras compared to the previous year. The drop in sales volumes, estimated to be around 20-30%, was largely attributed to the surge in precious metal prices.

Despite the decline in sales volumes, the overall sales value in the Lucknow Sarrafa Market experienced a notable increase. This underscores the enduring demand for gold and silver among consumers, even in the face of rising prices.

The Lucknow Sarrafa Market Association reported that by 9:30 pm on Dhanteras, approximately 42 kg of gold worth Rs 55 crore and 850 kg of silver costing Rs 14 crore were sold from jewelry stores across the city. However, these figures represent a decrease from the previous year's Dhanteras sales, which saw 59 kg of gold worth Rs 42 crore and 1,000 kg of silver for Rs 10 crore.

The shift in consumer behavior was also evident, as customers opted for lightweight gold jewelry, including chains, earrings, and rings, as well as silver coins of 10 gm and 20 gm denominations. This trend was driven by the significant increase in the prices of these precious metals, with gold reaching Rs 1.32 lakh per 10 gm and silver costing Rs 1.71 lakh per kg, compared to last year's Dhanteras prices of Rs 81,900 per 10 gm gold and Rs 1.01 lakh per kg silver.