Gold shines as buyers flock to stores on Akshaya Tritiya

Gold buyers in India flocked to jewellery stores on Akshaya Tritiya, shrugging off an uptick in price to give merchants a good start to the Hindu festival considered auspicious for buying bullion. Although prices had inched up by 0.69% during trade, jewellers witnessed good demand, with customers preferring organised jewellers over the unorganised ones.

Traders said demand for gold jewellery , coins and bars increased by 10-15%. A Pune-based jeweller said sales increased by as much as 35% at some of its stores. On Friday , gold prices were hovering around ` . 28,900 per 10 gm, down 3.68% from the level during the last Akshaya Tritiya festival, when it had touched ` . 30,000 per 10 gm. The comparatively lower rate and positive outlook on gold helped spur demand, traders said.

World Gold Council managing director (India) Somasundaram PR said that even though international prices have gone up by 8.5% since the beginning of this year, domestic prices have gone up by only 2.5%, as the rupee has strengthened against dollar, minimising the impact of global price rise.

“The sentiment is positive in the market and the woes of demonetisation are over, which has boosted sales. Gold price has remained stable for the last few weeks, which has sent strong signals to buyers,“

Jewellers said a robust stock market has also impacted sales this time.TS Kalyanaraman, chairman of Kalyan Jewellers, said, “We are expecting 10-15% growth in revenues during this Akshaya Tritiya compared to last year, based on present trend of purchases. This has been driven by positive consumer sentiments and demand recovery . A buoyant stock market supported by global fundamentals has also resulted in increased deployment to jewellery“.

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