Gold rush soars on Akshaya Tritiya day

Even though some market analysts have advised against buying gold this Akshaya Tritiya, the demand for yellow metal in Mangalore seemed to be quite high on Monday. People were seen thronging jewellery stores as many believe that purchasing gold on Akshaya Tritiya is auspicious.

Most of the women were seen trying on jewellery, whereas investors were buying gold coins. The steep fall in gold prices, seemed to encourage gold buyers in the port city.
Speaking to Deccan Herald, Customer Relation Manager of Malabar Gold Prashanth said that there is a good response from customers. “The price on Monday is Rs 2,560 for one gram of 22 carat gold. Last year our store sold 7.5 kgs on Akshaya Tritiya. This year, we may cross 8.5 kgs,” he said.

However, Jos Alukkas (Mangalore) PRO Suresh said that there were more buyers when gold prices fell low last month. “There are many buyers today, as it is Akshaya Tritiya, but many people have purchased gold last month,” he said.

Lakshmidas Jewellers Managing Partner H Sitaram says that Monday has been one of the busiest days in the year. “Many of our customers make sure that they make purchases on Akshaya Tritiya. As gold prices are comparatively low, buyers are encouraged,” he added.
“Business has been reasonable. However, the total volume of purchase is comparatively low,” says Euro Gold PRO Mohammed Abbas.

Many banks and post offices too are making the best use of the festival by selling certified pure gold coins in tamper-proof packs.

However, in a recent trend, there are many who purchase gold not physically but by investing in Gold Exchange Traded Funds (ETF) through stock brokers.

Shakeel J, a relationship manager of a stock brokerage firm says that the market volume on Akshaya Tritiya was quite good this year. However, it is low compared to last year. “Our company has many customers who invest in Gold ETFs. We had quite a few calls today from our customers asking us to purchase Gold ETFs,” he said. He further added that the purchase volume may be low, as investors are expecting that the gold prices are going to drop further.

Real Estate

Apart from gold, this year saw a rise in purchase of properties. Many paid advance for plots and apartments. A few builders launched their projects on Monday and some lured customers by offering them gold coins if they booked the property on Akshaya Tritiya.
“I do not miss buying gold on Akshaya Tritiya. If prices are high, I at least make sure that I buy a half gram gold coin,” says Lalitha Bhat, a housewife.

“Neo-liberal attitude has dominated every sphere of life and has not even spared culture. Advertisers and Jewellery stores are making the best use of Akshaya Tritiya, an religious affair to make market more brighter,” said Mangalore University Political Science Professor Dr P L Dharma.

What is Akshaya Tritiya?

Akshaya Tritiya aka Akha Teej falls on the third day of Vaishakh month (April-May). This day also marks the birthday of Lord Parasurama.

'Akshaya' means ‘infinite’ and 'the never diminishing' in Sanskrit. Hindus believe that good deeds done on Akshaya Tritya will bring immense luck and success.

Hence many start new  ventures and businesses so that it brings prosperity.

For Hindus, the day is considered holy as Lord Ganesha started writing the epic Mahabharata to Ved Vyas's dictation on this day.