In view of the gradual improvement in economic activity due to the easing of the outbreak of COVID epidemic, jewelery traders are expecting a good purchase of gold jewelery on Akshaya Tritiya this year. He believes that this time the sales can even exceed the level of 2019.
However, some jewelers feel that the recent rise in gold prices could be a stumbling block in its path. Akshaya Tritiya, considered auspicious for buying gold, will be celebrated across the country on May 3.
gold price
Gold prices on MCX are Rs 52,000 per 10 grams, while in the international market it is selling at $ 1,897 per ounce.
Somasundaram PR, Regional Chief Executive Officer (India), World Gold Council, said, “Gold has a strong cultural association in India and has economic importance along with its importance during festivals. Lakhs of people will traditionally buy gold on Akshaya Tritiya and will definitely buy at least for the omen.
He said that easing of COVID restrictions, sentiments of the public buoyed by economic growth coupled with inflationary expectations may encourage buying of gold during the festive season. However, the direction will be decided by the prices.
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what do businessmen say
All India Gems and Jewelery Domestic Council (GJC) President Ashish Pethe said that pre-bookings have been affected due to the rise in gold prices. However, the prices have come down in the last few days and demand is expected to pick up.
“Given the current scenario of gold prices and positive consumer sentiment, we expect jewelery sales this Akshaya Tritiya to be more than five per cent higher than 2019 levels,” he said.