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Experts predict strong gold buying this Akshaya Tritiya despite recent price increases
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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Summary
Gold prices have lately been on the rise, but this may not dampen the enthusiasm of buyers, who view gold as a symbol of prosperity and a valuable investment.
Akshaya Tritiya, celebrated this year on May 10, is traditionally considered an auspicious time to buy gold in India. Despite the recent rise in gold prices, experts anticipate robust buying during this period.
Gold prices have lately been on the rise, but this may not dampen the enthusiasm of buyers, who view gold as a symbol of prosperity and a valuable investment.
According to the World Gold Council, global gold prices were high in the first quarter of the year, with a 3% increase in demand worldwide and an 8% increase in demand in India.
This suggests strong buying activity in the Indian market.
In an interview with CNBC-TV18, jewellers in Bengaluru discussed current trends in gold purchasing.
G V Sreedhar, Managing Director of Sree Rama Jewels, expressed confidence despite the rising prices.
He said that customers are optimistic and focused on the long-term value of their investments.
Sreedhar commented, “Customers in India have a positive outlook on buying jewellery. With the current price hike, Akshaya Tritiya is expected to see good sales.”
Similarly, Goutham Chand, Managing Director of Navrathan Jewellers, emphasised the significance of Akshaya Tritiya as a traditional festival, where customers eagerly purchase gold, often saving throughout the year for this occasion.
He also mentioned the availability of lightweight jewellery to suit various budgets.
Ram, Managing Director of Neelkanth Jewellers, observed a trend of increased interest in gold purchases for weddings, especially as prices have slightly decreased in the past week or so.
Overall, there is anticipation for robust sales during Akshaya Tritiya, with customers viewing gold as a favorable investment option.
Watch this video for more.
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