Hyderabad: Wild swings in gold prices have prompted cautious buying on Akshaya Tritiya, with shoppers in Hyderabad’s key markets opting for small items to uphold tradition rather than splurging on major ornaments.
Pot Market Jewellers Association president Ashok Shermal Jain said that the sales on Akshaya Tritiya had reduced by 40 per cent to 50 per cent this year compared to last year due to uncertainty and volatility in gold prices.
Giving his own experience as he handles wholesale supplies, Jain said that the orders from the retail markets in Jubilee Hills, Panjagutta, Hitec City among others have come down by 40 per cent this year. He blamed the reduced sales to volatility in gold prices and the wait and watch approach of the customers.
Jugal Kishore of Vishwanath Jewellers at Pot Market attributed the hesitation to eroded buyer confidence amid the price rollercoaster. “Gold was priced around Rs 70,000 per 10 grams in January 2025, when Donald Trump became the US President, but it skyrocketed to Rs 1.9 lakh within a year,” he said.
On Akshaya Tritiya, local rates hit Rs 1,53,000 per 10 grams in Secunderabad.
Kishore accused social media of fueling confusion through sensationalism for reduced sales and predicted that the gold prices may make corrections, but would go up in the coming days.
In contrast, branded stores in upscale neighborhoods enjoyed brisk footfall. Echoing sale trends in the market, a family who purchased gold at a local market in Abids, admitted that they purchased the small items to continue their family practice of purchasing the gold on the auspicious day. Though the number of customers visiting the gold stores have picked up in the evening hours as the day temperature on Sunday was high, the volume of sales failed to pick up.
Disclaimer : This story is auto aggregated by a computer programme and has not been created or edited by DOWNTHENEWS. Publisher: deccanchronicle.com
