Indian consumers spent an estimated Rs 1 lakh crore during the Dhanteras festival this year, driven by robust gold and silver purchases despite sharp price increases, a leading traders’ body said on Saturday.

The Confederation of All India Traders (CAIT) said gold and silver sales alone accounted for Rs 60,000 crore of the total, marking a 25 per cent increase from last year, as shoppers flocked to bullion markets despite gold prices surging 60 per cent year-on-year to cross Rs 1,30,000 per 10 grams.

“The past two days have seen an unprecedented rush in jewellery markets,” said Pankaj Arora, national president of CAIT’s jewellery chapter, the All India Jewellers and Goldsmith Federation.

Delhi’s bullion markets recorded sales exceeding Rs 10,000 crore, he said in a statement.

Dhanteras

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