Gold prices soar on Akshaya Tritiya

The onset of Akshaya Tritiya season this year has made the jewellers in the city keep their fingers crossed, with the skyrocketing price of the yellow metal. Yet, with the sentiment of purchasing gold during Akshya Tritiya engrained in the minds of Indians, perhaps, there may not be any dearth of buyers.

It's a day of roaring business for jewellers, with people thronging shops to buy gold on Akshaya Tritiya, considered auspicious for starting new ventures or making new purchases.

Over the years, like many other festivals, Akshaya Tritiya too, with the sentimental value of well-being of the household attached to it, has come to make its own space in the State.

Almost more than 1500 and odd jewellery shops located at Abids, Basheerabagh, Siddiamber Bazaar, Charminar, General Bazaar, Banjara Hills and Pot Market in Secunderabad will be crowded this week as customers, especially women will make a beeline for the gold.

Coins and lightweight jewellery are mostly in demand. After April, things have started to look up and sales have become normal as people are ready to splurge on gold but still rates are fluctuating.

Expressing concern over gold prices hitting the roof, Jitten Parmar, One of the partners from Shree Raj Jwellers said: "We expect 10 to 15 per cent increase in sales from last year though the current high prices are a cause for concern. A lot of advance bookings are already happening."
Banners and posters with special discount offers on diamonds and gold jewellery exclusively made for the brides in connection with the ongoing marriages are placed in many shops. In some centres, the shop owners made arrangements by opening special counters with deploying additional staff to tackle the customer rush.

This time, not only jewellers, but banks also made arrangements for selling gold. "Walk into our bank and purchase pure gold," said the SMS messages sent across by the banks to their customers.

—Anubha K. Singh