New Delhi, Sept. 23 -- Gold sales remained subdued during this Ganesha Chaturthi, with industry experts estimating a nearly 15% year-on-year decline in sales volumes, largely due to elevated gold prices, which made the precious metal less affordable for consumers. As a result, buyers reduced the quantity of gold purchased and increasingly opted for lighter jewellery.

The festive season in India starts in August-September around Ganesh Chaturthi. This is the time when gold sales rise, driving the prices higher. However, this time around, sales remained weak on Ganesh Chaturthi.

The reason, as per experts, is simple. Domestic spot gold prices have surged over the last two years, making gold expensive for buyers and weighing on demand. Wit...