Gold Sales Surge In Mumbai On Akshay Tritiya Despite Rising Prices

Mumbai: Due to the ongoing US-Israel-Iran war, which has had a direct impact on the gold and silver prices that have been fluctuating and Indian rupee sliding, people were rather diffident on the occasion of Akshay Tritiya on Sunday. It is considered auspicious to purchase gold and consumer commodities like vehicle, real estate, or electronic goods on this day as people believe it ushers in prosperity and wealth.

This year, the West Asia conflict has had a direct impact on global trade, with gold and silver prices currently hovering at their all-time highs. Consequently, as a result of various global developments over the past few years, the rates have been witnessing a significant escalation. After a roller coaster ride of Indian rupee, on Sunday, rupee was 92.96 against US dollar while gold was Rs 1,55,780 per 10g for 24 karat.

Despite this, there were huge crowds at leading jewellery shops across Mumbai. However, following the current volatility in the markets, instead of jewellery, gold bars and coins are in high demand among people.

Similarly, there is a noticeable surge in the demand for silver bars and coins as well. At present, with the prices of 22-carat and 24-carat gold skyrocketing, customers are showing a distinct preference for lightweight and designer jewellery over traditional, heavy ornaments. Most leading jewellery shops are seeing a soaring demand for delicate 18-carat necklaces, bracelets, and earrings.

Customers who purchased gold and silver on Akshaya Tritiya last year witnessed significant financial gains in one year. Gold prices that ranged between Rs 97,000 and Rs 98,000 per 10g last year, have now surged to the Rs 1,50,000 mark while silver that was priced at Rs 1,00,000 per kg has now reached Rs 2,75,000. Consequently, witnessing the substantial financial benefits reaped by those who purchased gold and silver last year, many customers have seized the opportunity of Akshaya Tritiya this year to make purchases in the hope that their investments will yield similar returns in the future.

Yash Kamane, manager of the BlueStone jewellery showroom in Matunga, explained, “Akshay Tritiya is considered one of the three-and-a-half most auspicious occasions in the calendar hence, customers plan purchasing gold on this specific day. Despite the recent rise in gold prices, sales have not been impacted, and a robust purchasing activity is currently being observed this Akshaya Tritiya.”