Gold fails to sparkle on Akshaya Tritiya

The usual rush in the gold market at Bada Bazar here, considered as the bullion market of the state, was missing on the auspicious occasion of Akshaya Tritiya on Sunday.

High prices of the yellow metal are stated to have deterred many buyers from purchasing gold on this occasion.

Akshaya Tritiya is considered as an auspicious day on the Hindu calendar for purchasing gold and usually, people make a beeline to the jewellery shops to buy ornaments. It is believed that investing on gold on this auspicious day heralds a lifetime of prosperity.

However, jewellers had to cope up with lukewarm response from the buyers due to the prohibitive price of gold. The current price of 22-carat gold is Rs 17,500 per 10 grams, while the price of the 24-carat has zoomed to Rs 18,750 in Berhampur town. “The sales have been steady, but not stunning,” said a jewellery shop owner.

“Going by the response from the buyers, we don't feel that it is the auspicious day of Akshaya Tritiya. It is just another day for us,” said P Satya Narayan Senapati, president, Berhampur Jewellers Association (BJA). In Berhampur, about 105 jewellery outlets are engaged in the business of gold and silver ornaments and almost all of them are located in the Big Bazar.

The fluctuations in the stock market are also stated to be another cause for the lukewarm response to gold sales on the occasion of Akshaya Tritiya.

“These days, the demand for gold among the customers is showing an uptrend only during the marriage season. Unlike previous years, people are no longer buying gold as a safe investment option,” Senapati added. Gold sales at various bank branches were also lukewarm. No gold coin was sold from our branch, said K C Panda, branch manager of Andhra Bank, Goshaninuagaon branch. Gold coins of various denominations are being sold at the bank's branches.