Brace for the costliest Akshaya Tritiya as gold prices soar
What's the story
If you're planning to go gold shopping on Akshaya Tritiya, there's some disheartening news for you. This year's Akshaya Tritiya on April 18 is set to be the costliest ever as gold prices have reached a record high in the run-up to the auspicious day, amid escalating tensions between the US and Syria. Here's more on it.
Quote
Price expected to be highest on Akshaya Tritiya
"If the gold price continues to rally...price will be the highest on Akshaya Tritiya. International prices of gold were already high due to the US-China trade war. With the Syria-US tension escalating, gold prices will further increase," said Haresh Acharya, Secretary, Bullion Federation of India.
Prices
Gold has crossed the Rs. 30,000 mark
The precious metal was quoted at Rs. 32,300 per 10 grams in Ahmedabad as on Saturday - the highest in the run-up to Akshaya Tritiya in recent history. Gold prices, in the Akshaya Tritiya run-up, had never crossed Rs. 30,000 in recent times. The previous highest was on Akshaya Tritiya on 9th May 2016 when gold prices touched Rs. 29,680 per 10 grams.
Expected demand
High sales expected despite soaring gold prices
Despite the gold prices, jewellers remain optimistic about sales being high on the auspicious day. Their optimism stems from the fact that investors are likely to buy the yellow metal now, given the likelihood of prices rising further on Akshaya Tritiya. Some jewellers have even received advanced bookings for making purchases on the day.