On the sacred Akshaya Tritiya on Monday, the gold market in this Silk Coty witnessed an unprecedented sale of jewellery worth more than Rs 4 crore, sources said.
Mention may be made that according to Hindu mythology, anyone who buys gold on this day is expected to become wealthier with the blessings of Goddess lakshmi. Most of the jewellery shops of the city were crowded as thousands of customers, mostly women, thronged the shops and bought the items of their choice.
While some customer purchased gold ornaments for marriage of their daughters in near future, others bought gold coins and gold biscuits for preservation, presuming that investment on gold would provide good dividends in future.
Immediately after the shops opened, the customers stood in queues before the sale counters and were enthusiastic to know the rate of gold on the day. According to information, 10grams of gold ornaments sold at Rs 25,800 while 10 grams of gold biscuits sold at Rs 28,200.
Several merchants attracted their customers through lucrative offers and discounts. However, according to a merchant, his sale was lower than expected as most of the potential buyers had already purchased gold when the price of the yellow metal was at all-time low this year.
Some people now do not want to invest on gold apprehending that the price may decline further in near future. However, president of Jewellers’ Association P Satyanarayan Senapati expressed his satisfaction over the total transactions of gold made on the Akshaya Tritiya this year. Though there is a fluctuation in the price in the national and international gold markets, the cost in the Brahmapur market seems to be stable, he added.