India Gold Demand Unlikely to Surge This Akshaya Tritiya

SEATTLE (Scrap Monster): The retail gold sector is unlikely to see notable surge during the occasion of Akshaya Tritiya- the day when Indians consider buying gold as auspicious. Incidentally, Akshaya Tritiya falls on 14^th May this year.

According to jewellers, the retail gold sales plunged over 70% last year. It must be noted that the jewellers were forced to shut stores, following national lockdown measures to contain the spread of first wave of the pandemic virus. Now, as the second wave continues to hit across the country, several states in the country have imposed similar lockdowns, thus impacting retail business. The jewellers had already missed out on Gudi Padwa sales this year. These are the two major days of heightened gold sales in the country.

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Meantime, gold jewellers expressed hopes of improvement in online sales, mainly due to closure of retail stores, at least in places where the pandemic spread is on the rise. However, as in the case of 2020, not much sales are likely to happen this year as well. The lockdowns and other travel restrictions are likely to dampen celebrations and weddings, said the World Gold Council (WGC) in a recent report.

As per Hindu mythology, buying gold on Akshaya Tritiya is believed to bring prosperity and wealth. The day is believed to bring good luck and success. The gold purchase timing for this year is from 05:38 on May 14 to 05:30 on May 15.