Indian traders hopeful for good business on Akshaya Tritiya: CAIT
New Delhi: Despite a sharp rise in gold prices this year, Indian traders remain hopeful for strong business on Akshaya Tritiya -- one of the most auspicious festivals in India, which will be celebrated on April 30, the Confederation of All India Traders (CAIT) said on Tuesday.
Even though the price of gold has soared close to Rs 1,00,000 per 10 grams, traders are optimistic that the festive spirit will drive demand.
Pankaj Arora, President of the All India Jewellers and Goldsmith Federation, said that gold sales are expected to reach around 12 tonnes, worth Rs 12,000 crore.
'In addition, silver sales may touch 400 tonnes, worth Rs 4,000 crore. In total, business worth Rs 16,000 crore is expected this year,' Arora stated.
However, he admitted that the high prices have made some customers hesitant. Arora explained that several global factors have pushed up prices -- such as economic uncertainty, rising crude oil rates, a weak rupee, and geopolitical tensions.
'Many investors are also turning to gold as a safe investment, adding more pressure on prices,' he added.
CAIT President B.C. Bhartia said that buying gold and silver for weddings is a deep-rooted tradition in India, so essential purchases are still happening.
'Jewellers are also offering discounts and special deals to attract buyers,' Bhartia stated, adding that the ongoing wedding season has helped maintain some demand.
Trade leaders have urged customers to buy only BIS hallmarked jewellery and always ask for a proper bill. They advised people to shop only from trusted jewellers to avoid any fraud and ensure fair pricing.
According to CAIT, gold prices have seen a steep rise. Last year, gold was priced at around Rs 73,500 for 10 grams, but this year it has touched Rs 1 lakh mark.
Silver too has jumped to Rs 1,00,000 per kilogram from Rs 86,000 per kilogram in 2023.
While the prices may have risen sharply, the spirit of Akshaya Tritiya remains strong among traders as buying gold on this day is considered a symbol of bringing prosperity and good fortune in India.
There is a popular belief that gold purchased on Akshaya Tritiya never loses value.
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