Gold price makes Akshaya Tritiya sales see-saw from slow to brisk

Panaji: Gold lost some of its sheen on the auspicious occasion of Akshaya Tritiya on Wednesday as high gold prices prompted many customers to reconsider their purchases. At the same time, wary about a further jump in gold prices, some customers decided to go ahead and buy on the propitious occasion.

Gold traders and jewellers, who were counting on a repeat of 2024’s strong demand, said that though they did brisk business, footfall and sales did not match the previous year’s demand.

Stores recorded a sluggish response in the first half of the day. Sales of gold, silver, and jewellery surged in the second half of the day as customers shrugged off their reluctance, said jewellers. Jewellery sales regained their sparkle in the evening, which coincided with a marginal drop in international gold prices.

“We found a lukewarm response because the prices are high. We were prepared for this because the prices increased drastically over the past ten days,” said Pramit Raiker, the president of Goa Gold Dealers Association.

“We called up some of our customers. We realised that many of them are convinced that prices will decline,” said Niyati Naik, the store manager at PNG Jewellers. Naik added, “Business was not as good as last year’s, but for the prices that are prevailing, we are happy with the sales.”

The price of 24-karat gold briefly touched the five-digit figure of Rs 1 lakh last week but declined a bit since then to settle around Rs 89,000 for 10 gram. In Goa, the price of 22-karat gold hovered around Rs 8,860 per gram, while silver, also considered auspicious to buy on Akshaya Tritiya, was retailing for Rs 98 per gram.

Buying gold on Akshaya Tritiya is a popular tradition of Hindus and Jains, as gold is a symbol of prosperity and good fortune. Individuals also purchase silver, diamond jewellery, cars, and homes.

To cater to the demand, jewellers opened their stores earlier than usual and kept the shutters up till late night. Demand for gold and jewellery was supported by the wedding season and concern among some customers that gold prices will keep increasing.

“We opened at 8.30am instead of our regular opening time of 10am. Our counters were full, so we had to open a temporary counter and make customers stand in a line,” Naik said.