Gold Rate Today: Gold sales may fall by 30% on Akshaya Tritiya, break from record prices
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Significantly, on the last Akshaya Tritiya, the price of gold was Rs 50,986 per ten grams, whereas now gold prices are touching Rs 61,000. In such a situation, there is a lot of enthusiasm among the investors regarding the gold which gives a return of 20%. GJC Chairman Sanyam Mahera says that there will be auspicious shopping on the occasion of Akshaya Tritiya, but expensive gold has spoiled the sentiment, so this time the sales will be affected as compared to last year. While Saurabh Gadgil, head of PNG Jewellers, says that there may be an impact on volumes, but buyers will come to the market looking at further demand for gold. However, many jewelers said that the sale of gold on the day of Akshaya Tritiya would be 20 percent less than last year.
what is the reason for the acceleration
Kedia Capital Head Ajay Kedia said that signs of slowdown in the global economy, inflation, emerging concerns in the US banking system and geo-political situations have pushed gold prices to a record high. In view of the weakness of the dollar, investment in this asset class, which is considered safe, and the rapid purchase of gold by central banks, are registering a steady rise in prices. According to Ajay Kedia, by the end of this year, the price of silver can reach Rs 90,000 per kg and the price of gold can reach Rs 68,000. Motilal Oswal Financial Services has said in a report that gold has risen 24% since November 2022 and a 10% gain has been seen in gold and silver since the beginning of this year.
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Jewelers brought new schemes
Jewelers have come up with various schemes to increase sales. On the occasion of Akshaya Tritiya, from Malabar Gold & Diamonds to free gold coins, Tanishq and Kalyan Jewelers are also offering many schemes ranging from reduction in making charges. Malabar Gold & Diamonds is offering customers value of 100 mg gold coin on purchase of jewelery worth Rs 30,000 and above and 250 mg gold coin on purchase of diamond, gemstone and polki jewellery.
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