Even though Akshaya Tritya — the biggest gold-buying festival fell right after gold prices witnessed a major plunge, the bullion markets in the Capital does not seem to have profited this year as they have been in the previous years.
Although the sale of gold on this auspicious occasion in comparison to regular days has increased by nearly 50 per cent, it has dipped by 30-40 per cent in comparison to that of previous years.
Navneet Narang, the owner of Raj Jewellers in Karol Bagh said, “This Akshaya Tritya has not been as overwhelming in terms of sale. Most customers seemed to have purchased gold in the previous month when the price had hit rock-bottom."
Akshaya Tritya and Dhanteras are the two occasions when the purchase of gold is at its maximum. For traders, it is their 'heyday' as their sale reaches the hilt. However, this year, due to the steep fall in gold prices last month, the situation has changed. Manish Chowdhary , Senior Area Operation Manager of Geetanjali Jewelers said, "With the gold prices having escalated to `27,400 per 10 grams from `25,500 per 10 grams (the lowest in years), the sale on Akshaya Tritya this time has been less. Customers seemed to have not waited and made the maximum purchase of the metal at the time of decline in its price. But, in comparison to other days, the sale was better."
Karan Jain of Gujranwala Jewellers in Karol Bagh said that the sale in comparison to last year has declined by nearly 30 per cent. Nonetheless, there were still a few traders who continued to witness a great response.
Rohin Hemdev, owner of lachhmandas Jewellers in Karol Bagh said, "The demand has nearly doubled in comparison to other days. Buying gold on this day is considered very lucky and customers have been purchasing coins and bars primarily. There is definitely an increase in footfall since customers have seen the highest point of gold which is about `32,300 per 10 gram."