In Pune, rising gold prices may lead to cautious buying this Akshaya Tritiya
Written by Aarushi Prakash and Alister Augustine
With Akshaya Tritiya falling on April 30 this year, the days leading up to the annual festival are considered particularly auspicious for purchasing gold. However, with gold prices crossing the Rs 1 lakh per 10 gm mark, and continuing to rise, jewellers in Pune say that though sales are bound to happen, the quantity purchased might differ depending on customers' budgets.
'We expect buying in quantity to reduce by 20 per cent to 30 per cent on Akshaya Tritiya because of the high price of gold; it has crossed 1 lakh on Tuesday. We are expecting lesser footfall because of the same,' Amit Modhak, the CEO of jewellery store P N Gadgil and Sons, said.
Abhay Gadgil of PNG Exclusive notes that the market is seeing steady interest but fewer new purchases. 'Gold prices have risen over the past few days, and with Akshaya Tritiya approaching, customer sentiment remains positive, and I am receiving steady enquiries for ornaments. However, fresh purchases are relatively limited, with most customers opting to exchange old gold for new jewellery,' he added.
Customer response varies based on financial priorities and cultural practices. Kusum Lata, 75, mentions that her family does not have a tradition of buying gold during this period, but she recognises its significance. 'It is obviously concerning that the price has risen so much, which makes it impossible for the common person to buy gold during this auspicious time. Personally, I will not be buying gold due to the rise, be it tradition or not,' she said.
Some customers continue to purchase gold, viewing it as a form of long-term financial planning. Natalie David, 26, who works in an IT company, mentions that gold prices hitting Rs 1 lakh is a concern. Still, she sees it as a good opportunity to save for the future, adding that a few days ago, she bought some gold and now feels like she is securing her savings. David says it feels special to invest in gold as it symbolises prosperity and new beginnings for her.
Aradhana Iyer, 28, preparing for her wedding in July, says that rising prices have led her to act early. 'I am mindful of the rising gold prices. I have started keeping my jewellery safe before it potentially skyrockets even more. I am taking two sets of Gold Jewellery, fully customised; the rate will differ now. So, I need to check in with my jewellery shop. Also, Akshaya Tritiya is such an important day for buying gold; I believe it is a great time to invest in the future. It is all about securing our dreams and blessings! I hope the rates stay normal in the future. If that does not happen, it will affect my wedding and the whole economy,' Iyer, a teacher at City International School, added.
Fatechand Ranka of Ranka Jewellers Private Limited says he has observed a similar trend. 'I do see a decline in customers buying gold. However, when it comes to Akshaya Tritiya, people are still going to buy gold according to a pre-decided budget; the quantity they buy may decrease, but since it is tradition, they will continue to buy,' he said.
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