What is Akshaya Tritiya?
A holy day for Hindus and Jains, Akshaya Tritiya falls on the third lunar day of bright half of the Hindu month of Vaishakha. The word “Akshaya” means ‘never diminishing’ in Sanskrit. The day is believed to be an auspicious one to buy gold, property and even to start a new venture.
High gold prices dampened sales on Akshaya Tritiya, considered auspicious to buy yellow metal, with a section of industry players putting the sales figure 20-30 per cent lower than the year-ago level.Indians are the world’s biggest consumers of bullion and Akshaya Tritiya, along with Diwali and Dhanteras, is seen as one of the most propitious occasions to buy gold.
Gold prices have risen sharply in the last few days and are currently at Rs 30,100 per 10 grams in the national capital. The rates were at Rs 27,100 on Akshaya Tritiya in 2015.
We have seen nominal sales. Six years ago, shops used to be abuzz with activity till 11 pm. This time around, most of the jewellery shops in General Bazar wore deserted look by 8 pm itself,” Suryaprakash Rao, Honourary President, Telangana Bullion, Gems and Jewellery Federation (TBGJF).
He blamed high gold prices for the lukewarm response. “Also, people are buying other things such as property on this day. This is also leading to fall in gold sales,” he added.
“Compared to last year demand is nearly 35 percent lower.” he said. “Higher price is the key deterrent. We thought pent-up demand would drive sales, but demand is quite weak.”