PTI mumbai

Gold prices are at an all-time high ahead of Diwali and the wedding season, but it has not slowed down the consumer demand though many of them seem to prefer "solid bullion" rather than jewellery, traders said on Thursday.  The price of the yellow metal stood at Rs 1,28,395 per 10 grams on MCX during the day.  

"Gold prices are increasing every day, and people are looking at this and coming in to invest. Demand for jewellery has slowed, but people are buying gold bars and coins. We are seeing a lot of demand for gold and silver bars in this festive season and ahead of the wedding season," said Vrishank Jain, owner of Umedlal Tilokchand Zaveri Jewellers in Mumbai's famous Zaveri Bazaar.

"Many buyers are locking in current prices through advance booking or buying gold coins, as they expect a further surge in gold and silver prices in the coming days," he told PTI Videos. 

Consumers often see gold as a long-term investment, and it also has deep cultural significance in India as buying gold during festivals like Dhanteras and on occasions like weddings is considered auspicious, Jain said. 

Devras Bhai Parmar, a customer visiting Zaveri Bazaar, concurred with Jain. 

"Buying gold during Diwali is considered auspicious, and it is an investment," Parmar said.