A salesperson shows gold bangles to a customer at the Dwarkadas Chandumal Jewellers store. (Photographer: Dhiraj Singh/Bloomberg)

Market Undeterred By Costlier Gold On Akshaya Tritiya

A rise in gold prices is leading to better footfalls, and consequently a positive market sentiment for gold today on Akshaya Tritiya, even as jewellers expect better business than last year.

“The trend is positive all across the country and the southern region has seen good response since morning. The rise in prices has boosted footfalls and sales further,” India Bullion and Jewellers Association national director and chairman and managing director of PN Gadgil Jewellers Saurabh Gadgil told PTI .

He said, the main mahurat will begin from 3 pm till 10 pm, where the main sales will take place. “Also being a working day, the mahurat time is convenient. Looking at the current trend, the business is likely to be better than last year,” he added.

The gold prices were ruling at Rs 31,155 per 10 grams yesterday and today opened at Rs 31,215 per 10 grams.

Gold has a special place in the Akshaya Tritiya celebrations and this year too, activity points to the return of positive sentiment, World Gold Council managing director, India said on gold demand for this Akshaya Tritiya. “The seasonal wedding demand coupled with online and digital forms of buying gold that are becoming increasingly popular, augur well for sustainable growth compared to last year.”

Also Read: Akshaya Tritiya Hasn’t Always Been Good For Titan’s Shares

In addition, he said, the government’s announcement at the Union Budget that it intends to formulate a comprehensive gold policy to develop gold as an asset class supports the industry’s efforts to enhance their credibility and amplify gold’s economic potential for the country.

Mumbai-based jeweller Kumar Jain said the momentum in the shops are very good with high footfalls, which is not at all deterred by the rise in gold prices. “Looking at the footfalls we are expecting 20 percent more business than last year,” he added.

Moreover, as the wedding season has begun today there is a lot of delivery is taking place on booking done earlier, he added. Mainly, coins and light weight jewellery are getting picked up along with the traditional wedding jewellery, he added.

Also Read: Gold Imports by India Are Said to Slump Before Key Day for Sales

Stay Updated With Business News News On BloombergQuint