Akshay Tritiya gold sales to touch Rs1.2k crore

With Akshay Tritiya less than a month away, gold traders and retailers are expecting a substantial jump in sales in the state as the day is considered auspicious for purchase of gold.

Compared to last year, sales are expected to grow over 50% in terms of value and 30% in terms of quantity. And with yellow metal prices expected to fall in the coming days, demand could go up further, say traders.

It is estimated that Gujarat bought around 5 tonnes of gold worth around Rs500 crore on Akshay Tritiya in 2008 and around 5.5 tonnes worth around Rs780 crore in 2009.

“This year, we are expecting a rise of up to 30% in volume,” said Surat-based gold trader and retailer, Deepak Choksi.

This means that on the auspicious day - also known as Akha Trij — which this year falls on May 16, around 7.25 tonnes of gold worth over Rs1,200 crore may be purchased in the state.

“Akshay Tritiya is considered auspicious, which is why many people do their marriage-related shopping on that day,” said Manoj Soni, director of AB Jewels. “The demand for gold is definitely high this year.”

Traders are of the opinion that current gold prices, though higher than last year, are at a reasonable level and will encourage people to buy the metal.

Currently, gold prices are nearly 10% less than the all-time high of Rs18,300 per 10 gram sometime back. “Yet, by Akshay Tritiya, I expect gold prices to come down even further,” said a Mumbai-based gold analyst, Bhargav Vaidya. Demand for gold is expected to come from both investors and end-users. Even for the marriage season which begins after a month, people prefer to buy jewellery on Akshay Tritiya.

Girish Choksi, an Ahmedabad-based bullion trader, said, “People are going in for light-weight jewellery and buying as many jewellery items as their budget allows.”