After a long hiatus, gold is likely to glitter this Akashaya Tritiya and the industry is expecting high double-digits volume growth given the positive consumer sentiment and stable prices.
Retail price of gold has come down to around Rs 31,500 per 10 grams from around Rs 33,700 in mid-February. “We expect robust demand for gold/gold jewellery this Akshaya Trithiya due to price stability since the past few months and the improved consumer sentiment since Gudi Padwa. Looking at the current momentum we expect at least 10 percent demand growth this auspicious occasion,”
All-India Gems & Jewellery Domestic Council chairman Anantha Padmanabhan told PTI.
Expectations are conservative as the general election is still on in some parts of the country, which will impact the overall demand.
It can be noted that the Northern and Eastern states are yet to complete the polls.
Of the seven phased polling, only four phases are over and across the Southern and the Western states.
Echoing similar views, World Gold Council managing director Somasundaram PR said this Akshaya Tritiya looks more optimistic than last year as the market has settled down after policy changes including note-ban and GST which had hit the industry very badly.