The costliest Akshay Tritiya might leave you in shock. Everyone currently aware of the situation is gasping about the price but did the buyers take a backseat?
Akshaya Tritiya, aka Akha Teej, is an auspicious occasion to buy gold. If you are planning to buy gold on the eve of this celebration, go prepared. This is expected to be the high-priced Akshay Tritiya as the price of gold has hiked upto Rs 32000. The yellow metal is quoted at Rs 32,300 per 10 grams.
In order to splurge on this auspicious day, the shopkeepers were expecting lesser foot falls but there has not been much decrease in the number of buyers regardless.
Till date, the gold price has never crossed the 30K mark and the closest it went to that was on May 9, 2016 - Rs 29,860 per 10 grams. Despite the surge, stores are filled with customers but it is wise to make investment!
Another reason for the hike is the rising oil prices and geopolitical stress between countries.The analysts have to say is the prices continue to stay at the peak for next 3-4 days, it will be the most extravagant Akshay Tritiya. Since the international gold prices are at the peak as well because of US-China trade war and the Syria-US issues escalating, gold prices might not see the downfall immediately.
With the huge hike, the jewelers were under stress but now that they are looking at the market condition, it is safe to say that they are taking a sigh of relief.
It is the day of celebration and if you even look at it as an investment, gold is never a bad investment!