Tech

Akshaya Tritiya: gold sales likely to pick up

Akshaya Tritiya: gold sales likely to pick up

A 15-20 percent rise in purchases of gold jewellery was witnessed across the country on Wednesday, on the occasion of Akshaya Tritiya, a day-long festival when gold buying turns auspicious. Although, while purchasing physical gold from an investment perspective, one needs to consider additional costs (e.g. storage cost etc.).

Other options include buying Gold ETFs and Sovereign Gold Bond (SGB). In the Indian context, gold also acts as a hedge against rupee (INR) depreciation.

Mumbai-based jeweller Kumar Jain said the momentum is very good with high footfalls, which is not at all deterred by the rise in gold prices. Demand for gold, particularly physical gold in the form of jewellery, bars and coins, rises during this period. Sovereign Gold Bonds are issued by RBI or Reserve Bank of India on behalf of the Government of India. This has made customers reluctant to go out shopping for gold. However, a subdued trend overseas capped the gains at home - globally gold prices slipped fell 0.18 per cent to $1,344.80 an ounce in Singapore.

Also, escalating tension between Russian Federation and US, over Syria, has increased geo-political risks. The price of gold does not seem to have dampened the spirit of the auspicious occasion.

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On Tuesday evening, gold price on the NY commodities market was 0.01% up at $1,345.50 per ounce while silver was up by 0.06% or $16.64 an ounce.

Gold has a special place in the Akshaya Tritiya celebrations and this year too, activity points to the return of positive sentiment, said Somasundaram P R, managing director at World Gold Council India.

Gold is inversely related to the United States dollar.

However, silver price remained at a stable range of Rs 40,000-42,000 a kg, which is also conducive for picking up the demand, Sen said adding the majority of attractions was still on gold ornaments. Thus, gold helps cushion the fall in the portfolio value due to equities i.e.it provides diversification benefit. "However, from the present rate, 22 carat gold is likely to touch Rs. 3,000 per gram in the coming days", Mr. Narasimhachari told The Hindu. These are in dematerialized form. Also, their pricing is transparent, and they are more liquid, as they are listed on the exchange and their purity is guaranteed by the custodian appointed by asset management company.


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