Gold Demand Remains Strong on Gudi Padwa in Nashik Despite Soaring Prices
On the auspicious occasion of Gudi Padwa, the Maharashtrian New Year, the yellow metal continued to glitter brightly in Nashik's markets. Despite a significant and sharp increase in gold prices over the past year, consumer enthusiasm remained undiminished, with the city's gold markets registering impressive business figures.
Robust Gold Sales Match Last Year's Festive Performance
According to local jewellers, Nashik's gold markets generated approximately Rs70 crore in business on Gudi Padwa. This figure is noteworthy as it nearly matches the sales volume recorded during the same festive occasion last year, demonstrating resilient consumer demand even in the face of higher costs.
Gold prices stood at Rs1.46 lakh per 10 grams on Thursday, marking a substantial increase from Rs89,800 per 10 grams on the same day last year. For context, in 2024, gold was priced at Rs72,400 per 10 grams on Gudi Padwa. All these prices are exclusive of GST. Silver also saw a price surge, selling at Rs2.35 lakh per kilogram on Thursday, up significantly from Rs1.05 lakh per kilogram on Gudi Padwa last year.
Festive Rush and Investment Perspective Drive Gold Purchases
"Gudi Padwa is considered an extremely auspicious day to purchase gold, which traditionally drives significant buying activity," explained Girish Navase, president of the Nashik Jewellers Association. "Many buyers are also approaching gold purchases from an investment perspective, viewing it as a stable asset. We have observed particularly high demand for gold coins and bars this year."
A substantial rush of customers flooded jewellery shops after 3 PM on Thursday. Jewellers noted that a price drop of nearly Rs7,000 per 10 grams over the preceding 24 hours contributed to the increased footfall, making purchases slightly more attractive despite the overall annual price hike.
Real Estate Sector Experiences Subdued Enthusiasm
In contrast to the vibrant gold market, the real estate sector in Nashik displayed noticeably subdued enthusiasm during the festive period. Industry experts attribute this cooling effect primarily to the ongoing geopolitical tensions involving the United States, Israel, and Iran, which have created market uncertainty.
According to the Confederation of Real Estate Developers Association of India (CREDAI) Nashik chapter, approximately 100 flats worth around Rs40 crore were booked on Gudi Padwa. Notably, there were no major launches of new residential or commercial projects in the city during this period.
"Around 100 flats were booked on Gudi Padwa, which is a modest figure," stated Gaurav Thakkar, president of CREDAI Nashik. "Potential investors and homebuyers are thinking twice before committing to real estate investments due to the uncertainty created by the ongoing geopolitical situation. The conflict has introduced a cautious sentiment in the market."
Automobile Sector Reports Moderate Business Activity
The automobile sector in Nashik reported moderate business on the festive occasion. Market sources indicated that sales included approximately 700 four-wheelers with a total value of Rs65 crore and nearly 1,200 two-wheelers worth Rs12 crore. While these figures represent significant transactions, the overall sentiment in this sector was more measured compared to the gold market's robust performance.
The divergent trends across sectors highlight how traditional festive buying patterns in Nashik are being influenced by a complex mix of cultural significance, investment behavior, price fluctuations, and broader geopolitical concerns affecting consumer confidence.
