Akshaya Tritiya: Despite high rates, gold demand picks up...
Notwithstanding the rising gold price, the demand for the yellow metal was up for Akshaya Tritiya, according to jewellers.
Kumar Jain from Indian Bullion and Jewellers Association (IBJA) said, “Despite the high prices, people are buying gold right now because they think it will be of good use to them. The next auspicious beginning that arises is Dussehra, which is months away, and hence people are purchasing more on this occasion.”
This comes even as the gold prices have recently reached historic highs of ₹73,000 per 10 gm in India. COMEX prices have crossed $2,300 per ounce
Suvankar Sen, MD and
Gold prices have recently reached historic highs of ₹73,000 per 10 gm in India
CEO, Senco Gold and Diamonds said, “We have seen a lot of customers coming and buying wedding jewellery, for the weddings that are either in the summer months or end of the year, expecting that the prices will go up. Half gram and 1 gram Gold Beans have had very enthusiastic responses
from across ages and we have fallen short of supply, online and oªine.”
But the high price for gold has given a boost to diamond jewellers as customers look for alternatives. Amit Pratihari, Vice-President, De Beers Forevermark, said “‘We are observing a significant increase in customer visits. Our partner retailers are reporting positive outcome, especially in South India where Akshaya Tritiya holds great cultural significance. Furthermore, there’s a notable trend towards purchasing items that carry intrinsic value, making natural diamonds particularly desirable.” Future outlook
Gold prices have witnessed a sharp rally in the month of March 2024 with prices hitting all-time highs in domestic and international markets. Experts said that the prices are expected to rise as investors consider gold as a safe haven. “The rising prices are a great opportunity for the investors,” says Jain from IBJA. The expected rate of gold is said to be ₹80,000/10 gms by Diwali, according to the IBJA spokesperson.