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Jewellery sparkles on Akshay Tritiya, despite price hike

Jewellery sparkles on Akshay Tritiya, despite price hike The jewellers kept their fingers crossed with the thought that the sharp rise in gold prices in the past couple of weeks might keep the buyers at bay but surprisingly rising gold prices did not deter buyers from buying on strong investment demand, but gradually prices are weakening as fundamentals are turning bearish. FED has indicated that it will keep interest rates higher for a longer period of time, as inflation has turned sticky and is still above the 2% target.

The market is expecting only two rate cuts this year in September and December, which is a tailwind for gold prices. It seems Gold prices have topped out in the short-term and could retrace back to Rs 70000 unless there is some new geopolitical tension emerging.”

This year’s Akshay Tritiya started on a positive note says Saurabh Gadgil, Chairman and Managing Director, PNG Jewellers. “There has been a steady increase in footfalls since morning. High gold prices have not been a deterrent similar to what we experienced during Gudi Padwa. Sales numbers are looking strong for the first half but today being a working day we expect the footfalls and corresponding sales to increase further in the later part of the day. People are also coming in to pick up their pre-ordered purchases.” He add, “Demand for heavy jewellery, bullion and coins remains strong. Diamond jewellery is surprisingly doing very well too! Overall this year’s Akshay Tritiya sales will be in line with industry expectations.”

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