This year's Akshaya Tritiya season is disappointing for jewelry stores in the city, who blame the slump on the recent spike in gold prices. industry insiders claim that reservations are significantly lower than for the celebrations of last year. It appears that people are becoming more hesitant to buy gold due to the precious metal's recent record-high prices.
 
Manepally Jewellers' managing director, Gopi krishna Manepally, stated that reservations during the previous 15 days had decreased by 50% as compared to the same time the previous year. The present election season, which has affected consumer morale and purchasing patterns, and the steady increase in gold prices are factors contributing to this reduction.

"This Akshaya Tritiya season, consumers are hesitant to purchase gold due to the skyrocketing prices." "The actual decline in bookings has been slightly better than anticipated, despite expectations of a worse situation," he said. He believes that the current rising trend in gold prices will hold over the next several days, contingent on the dynamics of the global market.
 
Retail rates for 24-carat gold were Rs 72,270 per 10 grammes as of Wednesday, while the price for 22-carat gold was Rs 66,250 per 10 grammes.
 
 

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Telangana Hyderabad

SIBY JEYYA

09/05/2024 07:55 AM