New Delhi: Sale of gold and silver has grown every year on the occasion of Akshaya Tritiya. But with the lack of market demand and continuous rise in gold’s price has raised concerns in the jewelers. Akshaya Tritiya, also known as Akha Teej, is considered a prosperous occasion to buy gold.
Due to the price rise of gold on Akshaya Tritiya traders said that this time sale will reduce as compared to last year.
All India Gems and Jewellery Trade Federation (GJF) Chairman GV Sridhar said this time Akshaya Tritiya is on 9th may and due to the dry season, sales are expected to rise moderately as compared to last year.
He further said that the market sentiment remains positive. But due to the rising price of gold the demand has reduced for expensive jewelry.
Traders said two successive droughts have hit rural demand, forecasting lower sales of silver since its price crossed Rs 42,000 per kg.
The price of gold is currently at Rs 30,050 per 10 grams in the domestic market. It is 26,930 rupees in the first week of February