Monday, November 29, 1999

This year, Akshay Tritiya fails to trigger gold rush

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Jewellers across Chandigarh witnessed a lukewarm response on Akshay Tritiya, considered auspicious to bring home wealth in any form.Some jewellers said high price of gold was the reason behind the unimpressive response — gold rate was Rs 17,500 per 10 gram on Sunday. Last year, on Akshay Tritiya, gold was priced at around Rs 14,000 per 10 gram.On Sunday, a number of jewellery shops were opened, expecting a good response."We opened our shop on a Sunday expecting a huge response but compared to last year, customers were less in number," Kamal Jain of Nikka Mal Babu Ram and Sons said. "High rates have deterred people from buying gold. Those who are coming are buying it in small quantities."As a result, sale of gold coins saw an increase."Compared to the previous year, there has been a 40 per cent increase in the sale of gold coins on Akshay Tritiya," Sunil Talwar of Talwar Jewellers said. "Ranging from 2 grams to 100 grams, gold coins are more in demand as they are available between Rs 2,800 and 2 lakh."Sales did pick up marginally in the evening but most of these customers were buying gold for weddings in their families."We are buying gold as my daughter is getting married later this year. We thought of buying it today, as the day is auspicious," Om Parkash, a retired government employee, said.Prem Sapra of Zevar said, "Those who need to buy gold this year are buying today but those who buy because of Akshay Tritiya are buying it in small quantities."

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