This is a marked jump from the pre-pandemic era of 2019, when gold worth Rs 10,000 crore was sold
The Confederation of All India Traders (CAIT) has said that business worth Rs 15000 crore was recorded on Akshaya Tritiya this year.
This is a marked jump from the pre-pandemic era of 2019, when gold worth Rs 10,000 crore was sold.
The price factor has had a role to play -- gold was priced at Rs 32,700 per 10 grams three years ago. Now, it is Rs 53,000 per 10 grams. Silver too has jumped to Rs 66,600 per kg from Rs 38,350 per kg in 2019.
Gold imports have also increased during this period. In the first quarter of 2021, 39.3 tonnes of gold bars and coins were imported. The figure stands at 41.3 tonnes today. Gold jewellery imports have fallen to 92.4 tonnes this year from 126.5 tonnes in 2019.
The rising cost of commodities, including gold, and high inflation rates impacted the sale of gold and silver this Akshaya Tritiya. Gold and silver coins did not do as well as expected. The silver lining was an upward trend in digital payments and online buying of coins and jewellery.