Monday, May 17, 2010

Akshaya Tritiya Festival Demand Disappointing

Now that Akshaya Tritiya is over, the festival fell short of expectations in the gold buying area. According to a report in the Business Standard:
High prices of the yellow metal are stated to have deterred many buyers from purchasing gold on this occasion.

Akshaya Tritiya is considered as an auspicious day on the Hindu calendar for purchasing gold and usually, people make a beeline to the jewellery shops to buy ornaments. It is believed that investing on gold on this auspicious day heralds a lifetime of prosperity.

However, jewellers had to cope up with lukewarm response from the buyers due to the prohibitive price of gold. The current price of 22-carat gold is Rs 17,500 per 10 grams, while the price of the 24-carat has zoomed to Rs 18,750 in Berhampur town. “The sales have been steady, but not stunning,” said a jewellery shop owner.

“Going by the response from the buyers, we don't feel that it is the auspicious day of Akshaya Tritiya. It is just another day for us,” said P Satya Narayan Senapati, president, Berhampur Jewellers Association (BJA).
Senapati also added that the only time gold buying gets in an uptrend is during the wedding season.

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