On Monday, people thronged jewellery shops across the city to buy gold ornaments on the occasion of Akshaya Tritiya, causing a spike in sales. Akshaya Tritiya is an auspicious day for Hindus for investing in gold as it is said to increase success and good fortune. Gold coins, rings, studs and single pendant chains were the most popular items as usual.

On Monday the gold rate was Rs 2,560 per gram for 22 carat and Rs 2,748 for 24 carat. At many leading jewellery outlets, gold coins were sold at Rs 2,794 per gram and at Rs 1,39,683 for 50 gm.

Last month, the gold rate had plummeted to Rs 2442 per gram (22 carat) and Rs 2640 per gram. (24 carat) Jewellery shop owners claim that people had started flocking to the shops from then. Gautam Chand, Managing Director, Navrathan Jewellers, said: “Around 2,000 people had booked gold jewellery in the past 10 days. Last year, the rate of gold per gram was high (close to Rs 3,000 per gram). But this year, the rates have gone down and hence, there was a rush.”

Select jewellery shops like Joy Alukkas sold exclusive diamond bangles and offered free gold coins on a minimum purchase of Rs 50,000.

While most used the auspicious day to shop for gold, a few didn’t believe in buying jewellery on one particular day.

Nagarajan, a resident of Frazer Town, said, “It’s been a tradition in our family to buy gold irrespective of the prices. Usually, we prefer buying light items such as coins.”

Shilpa Muniraj, a homemaker from Old Airport Road, said, “Why is Akshaya Tritiya celebrated with such fervour only in recent years? It is just a
perception among the public that buying gold during the festival brings good fortune,” she said.

Source: Deccan Herald