Business is sluggish this Akshaya Trithiya due to rising gold prices

It was a rush for gold on the auspicious day of Akshaya Trithiya on Monday with people thronging various jewellery shops across the city to mark the occasion with a good buy.

According to S Venkatesh Babu, president, Karnataka State Jewellers’ Federation (KJF), the business this year has been low due to the rising gold prices when compared to that of the previous year.

The gold price for the day stood at Rs 2,850 per gram and Rs 3,050 for pure gold
(24 carat).

 “Akshaya means, 'the one that does not diminish' and people want to make a symbolic buy despite the high gold price. Normally people would buy gold coin or  small jewellery fitting to their budget,” he added.

Regular stock only

This year, the jewellers could not bring in more gold for the occasion as the market looked very volatile. It was only the regular stock that was put up for the consumers, he added. Compared to the metropolitan cities, Tier II cities do more business on such occasions as people engage in a genuinely big buy on this day.

It is customary for people to book the jewellery in advance and visit the shops to bring the gold home.

Besides the buzz for the yellow metal, the day was also auspicious for special occasions with many scheduling their wedding, engagement, house-warming and naming ceremonies for the day.