High gold prices cast a shadow over Akshaya Tritiya jewellery sale

Hyderabad jewellery stores see subdued Akshaya Tritiya due to high gold prices, leading to decreased footfall and sales.

Jewellery stores across Hyderabad saw a subdued Akshaya Tritiya on Wednesday, with significantly lower footfall compared to previous years. Despite the auspiciousness of the day, many outlets wore a half-deserted look for most of the day, as soaring gold prices kept buyers away.

Gold prices in Hyderabad on Wednesday stood at around ₹97,000 for 10 grams of 24-karat gold, ₹90,000 for 22-karat, and ₹73,000 for 18-karat, a factor that traders believe contributed to the drop in festive purchases.

“Compared to last year’s Akshaya Tritiya, the response has been disappointing. We’ve recorded a 20% decline in footfall,” said Dinesh Kumar of Sri Mahalakshmi Gems and Jewellers. He added that many customers had been waiting for gold prices to fall, but with little fluctuation in recent weeks, some eventually returned to make purchases albeit in fewer numbers.

Several jewellers reported similar experiences. While some movement was observed in the evening hours, it was nowhere near the brisk business they usually anticipate on Akshaya Tritiya. A representative from Pooja Jewellers in Ameerpet noted, “Earlier, our shops would be buzzing with people from morning till night. This year, the crowds have been thin, especially during the day. We are hoping for some evening traffic as people return from work.”

The cautious sentiment extended to customers as well. Kirthi Kumar, a resident of Srinagar Colony, said, “We buy gold every Akshaya Tritiya as a family tradition, but this year the prices are simply too high. We were waiting for them to dip but that hasn’t happened.”

Narender, 44, from Nacharam, echoed similar thoughts. “Buying gold on Akshaya Tritiya is something we’ve always done, even in small quantities. But this time we’ve decided to skip it and instead wait till Dhanteras,” he said.