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High gold prices mar Akshaya Tritiya sales

Sentinel Digital DeskBy : Sentinel Digital Desk

  |  19 April 2018 12:00 AM GMT

New Delhi/ Mumbai/ Kolkata/ Bengaluru/ Chennai, April 18: Spiralling yellow metal price has marred the Akshaya Tritiya spirit across most cities with sales showing a downturn on Wednesday.

Also geo-political tensions have weakened the rupee against dollar, which also impacted gold prices in turn.

"This year business is slow, as the price of gold is at the highest ever level on the day of Akshaya Tritiya. The footfall in shop is really low," Rahul Gupta, Director, PP Jewellers and Diamonds said.

The price of gold was hovering over Rs 30,000 for 10 gm of 22 karat in the national capital on Wednesday. Pure gold or 24 karat was selling at around Rs 32,000.

Akshaya Tritiya, a holy day for Hindus and Jains, is believed to bring good luck and success. It is considered to be an auspicious day to bring home gold.

Mumbai Jewellers Federation President Rakesh Shetty said the reasons for the poor sentiments were the higher rates of gold compared to 2017 and the global political developments, including the West Asia crises.

"Customers are only making symbolic purchases in gold coins or very small jewellery items to mark the auspicious occasion. Barring that, the outlook is not very bright since morning among the retailers," Shetty said.

In 2017, the gold prices hovered around Rs 28,000 per 10 gms for 24 karat, which has now shot up to Rs 32,000 per 10 gms. This has made customers reluctant to go out shopping for gold.

"In comparison to last year, gold prices are substantially higher this year and for which, customers may be inclined to curtail volume to some extent so that they can keep transaction value within their budget," Senco Gold & Diamonds' Managing Director Shankar Sen told IANS in Kolkata. (IANS)

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