An important Hindu holiday will take place on Friday, and Indians are expected to celebrate by rushing to buy gold. Akshay Tritiya ranks as one of the four most important days for Hindus. The word Akshay roughly translates to ‘the never diminishing’. The day is believed to bring good luck and success. It is also considered one of the most auspicious occasions to buy precious metals including gold.
After a jewelers strike last year put a damper on gold sales, gold demand for this years Akshay Tritiya is expected to be unusually high. Managing director of the World Gold Council’s India division, Somasundaram P R, told Business Standard he expects a big rebound this year.
‘It was not a real Akshaya Tritiya last year, due to jewelers’ long strike ahead of this festival. While some of the jewelers and artisans came back to work, buying was not encouraging. We see a completely different trend this year. Akshaya Tritiya and the surrounding week have seen a demand increase. After all the troubles of demonetization, sales seem to have come back. From the initial estimates, there seems a strong revival in demand. We wouldn’t be surprised to see the demand twice as much as last year.’
This post was published at Schiffgold on APRIL 26, 2017.
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