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Gold past Rs 32k mark: Brace

Apr 15, 2018

Planning to go for some gold shopping on Akshaya Tritiya next week? You may have to shell out more than you have splurged on this auspicious day in the past.

This year’s Akshaya Tritiya, on April 18, is expected to be the costliest ever as gold prices are likely to remain firm amid escalating tension between Syria and the US.

The yellow metal was quoted at Rs 32,300 per 10 grams on Saturday in Ahmedabad. This is the highest price level ever recorded in the runup to Akshaya Tritiya in recent history as gold prices have never crossed the Rs 30,000 per 10 grams mark on this particular day in the past. Previously, Akshaya Tritiya, on May 9, 2016, saw gold price reaching a high of Rs 29,860 per 10 grams.

"If the gold price continues to rally over the next three 3-4 days, the 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 as the markets open on Monday,” said Haresh Acharya, secretary, Bullion Federation of India.

Notwithstanding firm gold prices, jewellers are optimistic about buoyant sales on Wednesday as investors are likely to lap up the yellow metal given the likelihood of further price rise after the festival. Last year, gold prices settled at Rs 28,861 per 10 grams plus taxes. In 2018, the opening price of gold was Rs 28,500 per 10 grams.

Prices are likely to scale up further and therefore, investments in gold — be it in the form of jewellery or coins and bars — will be soaring, in anticipation of good returns," said Jigar Soni, a city-based jeweller.

Jewellers bullish on bullion sales

Some jewellers have also received advance bookings for making purchases on Akha Trij day. “Customer walkins have been quite high in for past few days and people are taking full advantage of the season. With offers on making charges, customers will continue to make purchases,” said Manoj Soni, a jeweller from the Satellite area of the city.

“We expect good sales this year. Other buying options such as diamonds are ruled out by most consumers,” said Surendra Mehta, national secretary, Indian Bullion and Jewellers Association (IBJA).

 

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