Inflation neutralized: Akshaya Tritiya returned for the third year, gold worth 13000 crores sold, sales increased by 22 percent from 2019
After passing two years under the shadow of Kovid-19, for the third year, on the occasion of Akshaya Tritiya, bullion markets across the country were buzzing. Gold worth about Rs 13,000 crore was sold on Tuesday. Silver sales were around Rs 2,000 crore. The National General Secretary of the Confederation of All India Traders (CAT) said that in 2019, gold worth Rs 10,000 crore was sold on Akshaya Tritiya. Shops could not open in 2020 and 2021 due to the pandemic. There was a business of about 500 crores in 2020. At the same time, Surendra Mehta, national secretary of India Bullion and Jewelers Association (IBJA), said that this time 22 tonnes of gold were sold across the country, which is 22.2 percent more than the pre-epidemic level of 18 tonnes. However, this time the sales were estimated to be 25 tonnes.
Delhi: 1000 crore sales
Yogesh Singhal, chairman of The Bullion and Jewelers Association, said that this time on the occasion of Akshaya Tritiya in Delhi, there was not much activity in the market. The main reason for this is due to inflation affecting the purchasing power of the people. This time the sale of gold was less as compared to 2019. The total turnover was around Rs 1,000. The atmosphere improved due to the reduction in prices. All India Gems and Jewelery Domestic Council Vice President Shyam Mehra said, gold prices have come down from Rs 55,000-58,000 per 10 grams to Rs 50,500 per 10 grams. This had a positive impact on consumer sentiment.
Due to these reasons also increased sales
Mehta says that inflation does not have much effect on gold prices. Whenever inflation rises, stock markets fall and gold rises.
The US Federal Reserve may raise interest rates in its meeting on Wednesday. This will support gold.
The yellow metal may touch Rs 55,000 per 10 grams in the coming 12 months. In view of the increase, the buying increased.
Gold prices have fallen by around Rs 4,000 in the last 10 days.
Due to the hallmark, people have increased confidence in the purity of gold.