Gold price surge dampens Akshaya Tritiya sales for Hyderabad jewellers

According to industry experts, there has been a significant decline in bookings compared to last year’s festivities.

 

Hyderabad: Jewellery retailers in the city are experiencing a lacklustre Akshaya Tritiya season this year, attributing the downturn to the recent surge in gold prices. According to industry experts, there has been a significant decline in bookings compared to last year’s festivities.

The sharp rise in gold prices, reaching record levels in recent times, has apparently made consumers cautious about investing in the precious metal.

Gopi Krishna Manepally, Managing Director of Manepally Jewellers, said bookings over the past 15 days have plummeted by 50 per cent compared to the same period last year. Factors contributing to this decline include the continuous hike in gold prices and the ongoing election season, which has impacted consumer sentiment and spending patterns.

“The soaring gold prices have made consumers wary of purchasing gold this Akshaya Tritiya season. Despite expectations of a worse situation, the actual decline in bookings has been slightly better than anticipated,” he remarked. The upward trend in gold prices, according to him, is expected to continue in the coming days, depending on international market dynamics.

As of Wednesday, the retail prices for 24-carat gold stood at Rs 72,270 per 10 grams, while 22-carat gold was priced at Rs 66,250 per 10 grams.