Thursday, Sep 21, 2023
English News
  • Hyderabad
  • Telangana
  • AP News
  • India
  • World
  • Entertainment
  • Science and Tech
  • Sport
  • Business
  • Rewind
  • ...
    • NRI
    • View Point
    • cartoon
    • Columns
    • Education Today
    • Reviews
    • Property
    • Videos
    • Lifestyle
E-Paper
  • NRI
  • View Point
  • cartoon
  • Columns
  • Reviews
  • Education Today
  • Property
  • Videos
  • Lifestyle
Home | Hyderabad | Gold Losing Its Sheen Amid Covid Surge

Gold losing its sheen amid Covid surge

The rising cases and lockdown imposed by the government appears to be forcing people to hold on to cash rather than invest in the yellow material even during Akshaya Tritya

By S. Sandeep Kumar
Updated On - 12:29 AM, Thu - 13 May 21
Gold losing its sheen amid Covid surge
Rising cases and the lockdown appears to be forcing people to hold on to cash rather than buy gold despite Akshaya Tritya sentiment.
whatsapp facebook twitter telegram

Hyderabad: For the second consecutive year, gold sales may not glitter on Akshaya Tritiya to be celebrated on Thursday due to various reasons including the just-started Covid-triggered lockdown and people’s preference to hold on to cash to meet any medical emergency.

Buying gold on Akshaya Tritiya is considered auspicious by many and jewellery outlets come up with different offers to woo customers. Given the current situation the chances of people going in for gold appear bleak with many jewellers expecting sales to be below normal.

“It will be great if the sales are 15 per cent of what it was last time. Sales this time are going to be very negligible,” says Hari Kishan Gupta, former president of Twin Cities Jewellers Association.

Apart from other factors that could affect sales this year is people’s preference to keep cash at home, given the pandemic situation. Most people are keen on maintaining a healthy bank account or keep cash at home to meet medical emergencies, if any, he said, adding that every hospital was insisting on cash payment and asking the patients to apply for reimbursement from respective insurance companies.

Apart from the customers’ buying sentiment, the timings to operate the shops in the current lockdown period also seems to play a major role. “No customer will want to get up early and purchase gold before 10 am when the shops have to pull shutters,” says Rajesh Agarwal of RG Jewellers.

Though there is online shopping facility, very few people opt for this since women prefer to buy gold only after thoroughly checking the designs and other aspects, he added.

Also, most people purchase gold in coin form and not many Jewellers are holding gold in coin form as most of them have stocked up ornamental jewellry in the hope of good sales due to the marriage season.


Now you can get handpicked stories from Telangana Today on Telegram everyday. Click the link to subscribe.

Click to follow Telangana Today Facebook page and Twitter .


Telangana Today Whatsapp
  • Follow Us :
  • Tags
  • Akshaya Tritiya
  • COVID
  • Hari Kishan Gupta
  • Hyderabad

Related News

  • Hyderabad: Recruitment of 310 posts of pharmacists commences

    Hyderabad: Recruitment of 310 posts of pharmacists commences

  • Telangana: Deeksha Battu selected as Junior Civil Judge

    Telangana: Deeksha Battu selected as Junior Civil Judge

  • Hyderabad: Man sentenced to 20 years of imprisonment for sexually assaulting his daughter

    Hyderabad: Man sentenced to 20 years of imprisonment for sexually assaulting his daughter

  • Hyderabad She teams nab 55 persons for stalking, harassing women at Khairatabad Ganesh pandal

    Hyderabad She teams nab 55 persons for stalking, harassing women at Khairatabad Ganesh pandal

  • Devi Prasad’s poetry collection ‘Blissful Rambles’ launched

    Devi Prasad’s poetry collection ‘Blissful Rambles’ launched

  • Hyderabad: Cops issue notice to Tollywood actor Navdeep, ask him to appear before them

    Hyderabad: Cops issue notice to Tollywood actor Navdeep, ask him to appear before them

Latest News

  • India to become USD 5 trillion economy, third-largest by 2027: RBI DG Patra

    4 mins ago
  • SC refuses to interfere with order to release Cauvery water to TN, protests erupt in Karnataka

    12 mins ago
  • Kejriwal vows to continue serving people despite ongoing power struggles with Centre

    14 mins ago
  • Microsoft bets big on AI with copilot-driven Windows 11, new Surface devices

    20 mins ago
  • President Murmu says investment opportunities created in UP in last 6-7 years

    24 mins ago
  • Kakatiya University deans stand firm on PhD admissions transparency amid growing controversy

    25 mins ago
  • SEBI board approves multiple proposals and explores technological trends in securities markets

    29 mins ago
  • Mohammed Siraj: The No. 1 ODI Bowler In World Cricket | ICC ODI Rankings 2023 | Telangana Today

    34 mins ago

company

  • Home
  • About Us
  • Contact Us

business

  • Subscribe

telangana today

  • Telangana
  • Hyderabad
  • Latest News
  • Entertainment
  • World
  • Andhra Pradesh
  • Science & Tech
  • Sport

follow us

© Copyrights 2022 TELANGANA PUBLICATIONS PVT. LTD. All rights reserved. Powered by Veegam