Akshaya Tritiya 2023: Gold Prices Skyrocketing, Yet Demand Set to Soar
Anticipated Increase in Gold Demand by 10-15% during Akshaya Tritiya, Disregarding Skyrocketing Prices
Ah, April 30 can't come soon enough - that's when Akshaya Tritiya arrives, folks! Known for its special significance in Hindu culture, this day is believed to usher in prosperity and good fortune when gold is purchased. And despite gold prices hovering close to record heights, experts predict a whopping 10-15% increase in gold demand this year.
Colin Shah, Managing Director of Kama Jewellery, discussed the cultural importance of Akshaya Tritiya, noting that gold buying among Indian consumers tends to peak during the festival, leading to a frenzy of jewellery sales. The positive sentiments among buyers could drive a sharp increase in sales this season.
With gold prices remaining elevated amidst global economic uncertainties, it's no surprise that the price for 24-carat gold stands at a hefty Rs 95,420 per 10 grams. But despite the high prices, Akshaya Tritiya offers more than just an investment opportunity - it's a time-honored tradition and a chance to participate in a unique part of Hindu culture.
What's more, young consumers are embracing lighter, everyday wear jewellery, a trend that's garnering attention in the market. If you're nervous about the high prices, fear not - jewellers often roll out special offers and discounts to sweeten the deal.
Last week, gold prices in India briefly touched Rs 1,00,000 per 10 grams for the first time ever, but following a dip in global prices, domestic rates have since corrected slightly. But rest assured, gold remains a popular choice for those seeking a safe-haven investment, and demand is only expected to rise in the coming weeks.
So, mark your calendars, folks - get ready to splurge on gold this Akshaya Tritiya and Usher in a wave of prosperity for your household! Keep in mind that, while specific sales data for 2023 isn't available, cultural traditions, investment interest, and robust domestic demand can all contribute to an anticipated rise in jewellery sales during this auspicious day. Happy Akshaya Tritiya in advance!
- Despite gold prices reaching record heights and hovering around Rs 95,420 per 10 grams, experts predict a surge of 10-15% in gold demand this year for Akshaya Tritiya.
- Colin Shah, Managing Director of Kama Jewellery, mentioned that the demand for jewellery, particularly gold, spikes among Indian consumers during Akshaya Tritiya, leading to increased sales.
- In addition to its cultural significance, Akshaya Tritiya also serves as a profitable investment opportunity, especially in the current economic climate.
- This year, a trend toward lighter, everyday wear jewellery is gaining traction among younger consumers, who are attracted to jewellery sales during Akshaya Tritiya, even with elevated prices.
