This year high gold prices have affected consumer demand.
On the auspicious occasion of Akshaya Tritiya, a mixed trend can be seen in the domestic jewelery market in the purchase of gold and silver. The Confederation of All India Traders (CAIT) gave this information on Tuesday. The prices of precious metals can see a sharp jump. According to PTI news, Pankaj Arora, president of the All India Jewelry and Swarnakar Mahasangh, is estimated to have a turnover of Rs 16,000 crore on the Hindu festival Akshaya Tritiya to be celebrated on April 30.
Gold has become expensive
According to the news, in the present time, gold prices have reached Rs 1 lakh per 10 grams, compared to Rs 73,500 on the day of Akshaya Tritiya last year. Similarly, silver prices have increased from Rs 86,000 per kg to Rs 1,00,000 per kg in 2023. Pankaj Arora, president of All India Jewelers and Goldsmith Federation, said that purchasing on Akshaya Tritiya is usually seen to show up, but this year, high prices have affected consumer demand.
Gold and silver expected to sell
Arora said that this year, Akshaya Tritiya is expected to sell 12 tonnes of gold worth about Rs 12,000 crore and about 400 tonnes of silver worth Rs 4,000 crore, which will cost Rs 16,000 crore, the total estimated turnover. He said that due to high prices of gold and silver, there is expected a slight recession in the purchase of customers. Global economic uncertainty, rising crude oil prices, weakening of Indian rupee against dollars and increasing interest of investors in gold as a safe investment have increased the prices of gold and silver.
Wedding season stopped the decline in demand completely
In addition, geopolitical stress and fluctuations in interest rates have also contributed to the rise in gold and silver prices. CAIT national president BC Bhartia said that the ongoing wedding season in India has prevented a complete decline in the demand for jewelery. Jewelers have also offered attractive offers to attract customers. The business world leadership has urged customers to buy only BIS Hallmark and certified jewelery and always emphasize the appropriate bill. He has advised buyers to do transactions only with reliable jewelers to ensure pricing transparency.
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