Despite high prices, Dhanteras crowds flock to gold-silver and utensil shops

Even though gold prices have crossed Rs 275,000, crowds of customers thronged gold-silver and utensil shops in Kathmandu's New Road and Asan areas on Friday, the day of Dhanteras.

Customers began arriving at the shops from the afternoon, driven by the belief that buying gold and silver on this day is auspicious. However, the crowds were smaller than in previous years.

According to traders, because customers bought only small quantities of gold, business was down about 30 percent compared with last year. Traders said that because of the high prices, orders have not come in as they used to.

Four years ago, traders sold more than 50 kg of gold on Dhanteras. Crowds also gathered to buy gold coins (asarphi) and silver coins. Across markets nationwide, there was increased activity in buying copper and brass utensils and puja items.

Kartik Krishna Trayodashi is also called Dhan Trayodashi. Madhav Prasad Lamichhane, a member of the Nepal Panchang Nirnayak Samiti, has said that nowhere in Hindu scripture is it mentioned that precious metals must be bought on this day. Gold-silver traders, however, say the practice of buying metals on this day has been growing in recent years.