Home News Business Big fall in gold jewelery sales possible on Akshaya Tritiya due to skyrocketing prices

Big fall in gold jewelery sales possible on Akshaya Tritiya due to skyrocketing prices

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Big fall in gold jewelery sales possible on Akshaya Tritiya due to skyrocketing prices

Gold Price Hike: The effect of a sharp jump in gold prices can be seen on the sale of gold jewelery on Akshaya Tritiya. Due to the sharp jump in gold prices, there is a 20 per cent drop in the sale of gold jewelery on Akshaya Tritiya this year.

On Thursday, gold has closed at Rs 60,529 per 10 grams on MCX. That is, in most places in the country, gold is available at the rate of Rs 60 to 61000 per 10 grams. From last year’s Akshaya Tritiya in 2022 to this year’s Akshaya Tritiya, there has been a jump of 20 percent in gold prices. Last year, gold was trading at Rs 50,808 per 10 grams on Akshaya Tritiya.

The prices of gold are skyrocketing, due to which it is expected to fall on the traditional purchase of gold jewelery ornaments on Akshaya Tritiya. Akshaya Tritiya is considered auspicious for buying gold ornaments and coins. On this day people buy gold according to their status. Sanyam Mehra, chairman of the All India Gems and Jewelery Domestic Council, said that a large section of customers are worried about gold prices reaching Rs 60,000 per 10 grams. He said that the prices have come down a bit since few days but it is still very high and it will affect the sales on Akshaya Tritiya. He said that we estimate that the sale of gold may be 20 percent less than in 2022.

Ananth Padmanabhan, former chairman of GJC and MD of NAC Jewellers, also expressed similar apprehensions, saying that the high cost of gold may reduce demand on Akshaya Tritiya. Somasundaram PR, India CEO, World Gold Council, said that buying gold is considered an essential part of Akshaya Tritiya for crores of Indians. It is associated with prosperity and with this the purchase of gold begins.

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