PUNE: In the run-up to the Dussehra festival, marigold flowers were a beacon of affordability, with prices ranging from ₹30 to ₹50 per kilogram in the local retail markets, drawing hordes of Punekars to the city streets. As the festival fervor swept through the city, marigold vendors prepared for an expected price surge on the auspicious day.
Satish Kenjale, a retail vendor from Sinhagad Road, shared insights into the price trends, stating, “Today, the rates of marigold flowers stand at ₹40 per kilogram at our stall, but these are projected to rise to ₹60 to ₹80 per kilogram on the day of Dussehra. This year, the supply of flowers has been abundant from local farmers within the district, keeping the rates relatively low.”
Simultaneously, as marigold prices witnessed a pre-festive dip, gold was radiating its golden glow in the market. The rate for 24K gold reached ₹61,750 for 10 grams, while 22K gold was trading at ₹56,600 for the same weight.
Dr. Saurabh Gadgil, Chairman and Managing Director of PNG Jewellers, observed, “Dussehra has begun on a strong note, with a notable upward trend that has been in motion since the commencement of Navratri. The demand for various categories of gold, silver, and natural diamonds has surged. The sentiment in the market has turned bullish, not only for this season but for the next two to three years.”
Market analysts and experts have been making bold predictions, with Dr. Gadgil adding, “Almost all mutual funds and hedge funds are predicting gold to cross the $2,200/ounce mark from the current levels of approximately $1,970/ounce by next year. This has spurred a sense of buying opportunity among consumers, leading to expectations of record sales this year. We anticipate around a 30% increase in sales, quantity-wise, year-on-year compared to the previous Dussehra.”
Notably, there has been a shift in the product mix, with a growing demand for gold bullions and coins. “About 30% of the quantity sales this year are expected to be in bullion, with the remaining 70% in jewelry, which typically follows a 25-75 ratio. The price of diamonds has also seen corrections, leading to significant demand for natural diamond jewelry, a segment that experienced sluggish sales during July and August this year. Meanwhile, silver has maintained its upward trajectory, riding a high wave since Adhik Maas, and this trend continues,” he explained.
As Dussehra celebrations continue, the contrasting trends in marigold and gold prices have made a mark on both festive decor and investment portfolios.
