INSUBCONTINENT EXCLUSIVE:
Akshay Tritiya is a festival considered auspicious by many to make gold purchases
Those who purchased gold
jewellery last Akshaya Tritiya (Akshaya Tritiya 2017) are sitting on some gains
With Akshaya Tritiya just around the corner, jewelers are hoping for an increase in footfalls
Akshaya Tritiya, also known as Akha Teej, is an annual festival considered auspicious by many to purchase gold
Akshaya Tritiya is on April 18 this year
But what are the expectations for gold demand this year around While most experts expect gold demand to rise on Akshaya Tritiya this year,
some feel there may not be a significant rise in demand.From gold prices of around Rs 29,500 per 10 grams last year to around Rs 32,000 at
present, investors have made some gains
Meanwhile, the National Stock Exchange (NSE) benchmark equity index Nifty has returned around 12.7 per cent.Demand for gold on Akshaya
Tritiya 2017 didn't quite meet jewellers' expectations, on the back of demonetization and the rollout of GST
Abhinav Angirish, founder of www.investonline.in, told that although Akshaya Tritiya is just around the corner footfalls are "still
significantly lower than usual
In fact, many industrial players are forced to give discounts on jewellery-making charges to increase sales."Every year, many jewellers roll
out promotional schemes ahead of Akshaya Tritiya to attract buyers.Asked whether gold demand is expected to pick up on Akshaya Tritiya this
year, Mr Angirish said: "Certainly yes, but nothing very significant as looks like after the two recent shocks by the government one after
the other, i.e demonetisation followed by GST, people are still keeping their wallet tight
It has increased from usual, but not as much as it should have.Akshay Tritiya is a festival considered auspicious by many to make gold
purchases.Gold "always was and will remain a useful asset class as it's a hedge against inflation and uncertainties", Mr Angirish further
said.One should have both equity and gold in their portfolio, but in certain proportions which is in line with their goal, he said.
