New Delhi, 29 April (IANS). Buying gold on the occasion of Akshaya Tritiya is considered very auspicious. This year, gold can be sold on Akshaya Tritiya, gold worth Rs 12,000 crore across the country. This statement was made by the industry body on Tuesday.
Pankaj Arora, President of All India Jewelers and Goldsmith Federation, said that on the occasion of Akshaya Tritiya, 12 tonnes of gold of Rs 12,000 crore could be sold.
Arora said, “Silver sales this year can also touch a mark of 400 tonnes or Rs 4,000 crore. In such a situation, the country is expected to have a business of Rs 16,000 crore on the occasion of Akshaya Tritiya.”
However, he admitted that some customers are hesitant due to high prices.
According to Arora, prices have increased due to many global factors, including economic uncertainty, rising crude oil prices, weak rupees and geopolitical stress.
BC Bhartia, president of the Confederation of All India Traders (CAT), said that buying gold and silver for weddings in India is a tradition, so the necessary purchases are still happening. The current wedding season has helped maintain the demand to some extent.
Bhartia said, “Jewelers are also offering discounts and special offers to attract buyers.”
According to CAT, gold prices have gained a huge jump in the last one year. Last year, the price of gold was Rs 73,500 per 10 grams, but this year it has touched the level of Rs 1 lakh.
The price of silver has also increased from Rs 86,000 per kg to Rs 1,00,000 per kg.
According to CAT, even though prices have increased rapidly, the enthusiasm of Akshaya Tritiya is still strong among the traders because buying gold on this day is considered a symbol of bringing prosperity and good luck in India.
It is believed that the gold purchased on Akshaya Tritiya never loses its value.
-IANS
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