"We expected the demand to be very high as the shops were closed due to the strike. However, the footfalls were much fewer than our expectations," Kumar Jain of Umedmal Tilokchand Zaveri said.
The price is at a 4-year low, stabilising around Rs 25,000/10gm.
Since the Union Budget, gold has become costlier by 8-9 per cent because of a 2.5 per cent increase in import duty to 12.5 per cent and about a 5 per cent depreciation in the rupee.
Discounts and incentives are attractions jewelleres are offering along with new designs to woo customers to boost sales ahead of Diwali.
Jewellers sold huge quantities of precious ornaments at a premium of up to 50%.
Irrespective of the global movement, gold prices in India are nearing the level of Rs 34,000 per 10 grams in the physical markets.
Dhanteras' buying seemed to have been sparked by the belief that prices would remain firm
Price up on weak dollar and strong demand
Dealers are selling gold at a discount of Rs 175 for 10 gm.
The yellow metal now trades at a 0.5 per cent premium over its landed cost, compared to a 4 per cent discount in mid-September because jewellers have voluntarily withdrawn the display of cash price from their website.
Many offer personalised ornaments with 3D printed images and engraved names to lure customers in a scenario of high gold prices.
Dealers expect prices to fall further, owing to an impending rate hike in the US
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