Gold sales may fall by 20 percent on Akshaya Tritiya, know what is the reason
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Mumbai : Buying gold in India is considered very auspicious. Especially, when there is a Teej festival, it is considered very auspicious to buy this precious metal. Gold sales increase on the occasion of Dhanteras and Akshaya Tritiya in Diwali. But, this year such an atmosphere is being created that there is a possibility of less gold sales on Akshaya Tritiya. It is being told in media reports that the effect of the rise in gold prices in the last few months will be visible on the festival of Akshaya Tritiya and there may be a decline in the sale of gold jewelery on this occasion. It has been said in the report that this time on Akshaya Tritiya, jewelers have expressed the possibility of registering a decline of about 20 percent in the sales of gold and gold-made ornaments.
increased price of gold
Let us inform that at present gold is being sold at the rate of Rs.60,000 per 10 grams in Indian bullion shops. In such a situation, people are preferring to buy gold only when it is very important. This may affect the traditional purchase of expensive jewelery on Akshaya Tritiya. Akshaya Tritiya is considered auspicious for buying gold ornaments and coins. On this day people try to buy small or big jewelery or coins according to their ability, but this time the rise in the price of gold in the last four months can disappoint them.
Gold expected to be expensive
According to the report of the news agency Bhasha, All India Gems and Jewelery Council (GJC) Chairman Sanyam Mehra said that a large section of customers have become apprehensive as the price of gold recently reached Rs 60,000 per 10 grams. Mehra said that although the prices have fallen a bit since a few days, they are still high. This will affect the sales on Akshaya Tritiya. We estimate that sales may decrease by 20 percent compared to last year. The current price of gold is around Rs 60,280 per 10 grams.
Gold sales are highest in South India
The JCC president said that in the total business on Akshaya Tritiya, the share of South Indian states is about 40 percent, while the share of Western India is 25 percent. East India’s share in this purchase is 20 percent and North India’s share is about 15 percent. Ananth Padmanabhan, former chairman of GJC and managing director of NAC Jewelers (Chennai), expressed similar apprehensions, saying that the high gold prices may reduce the demand on Akshaya Tritiya. However, he has said that its effect on sales will be only 10 percent.
If gold becomes cheaper, sales will increase
Somasundaram PR, Regional Chief Executive Officer of the World Gold Council, said that the purchase of gold is an essential part of the celebrations of crores of Indians on the occasion of Akshaya Tritiya. In such a situation, if there is a good drop in prices, then there can be a boom in sales. Saurabh Gadgil, chairman and managing director of PNG Jewellers, believes that with the festival of Akshaya Tritiya on Saturday, buyers will have an opportunity to shop over the weekend. He said that if gold remains stable at Rs 60,000, then sales can increase by 10 per cent.
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