High gold rates dampen Akshaya Tritiya spirit in Hyderabad

Jewelry stores in Hyderabad are yet to get busy with eager shoppers checking around the latest designs and booking jewelry

Hyderabad: The usual buzz that pervades Hyderabad’s jewelry stores in the city around Akshaya Tritiya day is missing this time around.

With just two days left for Akshaya Tritiya, the jewelry stores are yet to get busy with eager shoppers checking around the latest designs and booking jewelry to be delivered for the auspicious day. The lack of excitement in the air for gold is noticeable this year.

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Well, it seems that the gold rates have dampened the spirit of Akshaya Tritiya.

Managing Director of Manepally Jewellers, Manepally Gopi Krishna, points out, “The pre-bookings have decreased to almost 50 per cent compared to previous years. Ahead of Akshaya Tritiya, people used to book beforehand, but that has been cut down drastically.”

It’s not hard to see why the sentiment is down when the spike in gold prices is considered. For the past many days, the cost of 24-carat gold per 10 grams has remained above Rs 60,000, with Thursday’s cost reaching Rs 60,930.

The high gold rates have impacted the plans of many to purchase gold during the auspicious time. “I was planning to buy gold jewelry for my daughter’s wedding, but the high prices have forced me to postpone my purchase,” says Anjali of Dilsukhnagar.

But it’s not all doom and gloom. As the jeweller says, “The demand may pick up on Akshaya Tritiya.” It seems that even though the prices of gold have hit an all-time high, the sentiment behind the day is enough to keep the tradition alive.

While pre-bookings have decreased, some are still willing to buy smaller quantities of gold in tune with the tradition. “I might not be able to buy as much gold as I would have liked, but I will still buy some. It’s a tradition, and traditions must be kept alive,” says Surekha Rani of Narayanguda.