Contact us
CALL US NOW 1-888-GOLD-160
(1-888-465-3160)

Gold Demand Up Sharply During Important Indian Holiday

  by    0   0

Jewelers and dealers in India reported brisk gold sales on Akshaya Tritiya, despite the holiday falling on a workday and extreme heat in some regions of the country.

Akshay Tritiya ranks as one of the four most important days for Hindus. The word Akshay roughly translates to “the never diminishing.” The day is believed to bring good luck and success. It is also considered one of the most auspicious occasions to buy precious metals, including gold.

According to the Economic Times of India, gold sales were up by as much as 25% on Akshay Tritiya, which fell on May 7 this year.

Saurabh Gadgil serves national vice-president of the India Bullion & Jewellers Association. He told the Economic Times he was very positive about Akshay Tritiya sales this year.

Footfalls are good as there is a positive sentiment. Despite being a working day and the sweltering heat, there has been steady stream of people coming in to pick up pre-booked jewelry and also some token items from the morning. But the momentum gathered more steam after office hours and we expect more pick in the volume through the rest of the night.”

Dealers in both northern and southern regions of India reported surging demand.

Kalyan Jewellers chairman TS Kalyanaraman said that wedding sales have been strong this year in general due to stable prices and positive sentiments.

Bullion dealers also reported strong Akshay Tritiya sales. Khanna Gems’ Pankaj Khanna said sales volume rose 20% in offline bullion demand and the company reported over 1,200 transactions for silver and gold coins online.

Indians traditionally buy and hold gold. The yellow metal is interwoven into the country’s marriage ceremonies and cultural rites. Indians also value gold as a store of wealth, especially in poor rural regions. While Americans generally think of gold as a luxury item, many Indians view it as a necessity. In the Asian nation, buying gold is not just for the rich. In fact, a recent survey shows that possessing the yellow metal is a universal phenomenon across all income classes in India.

India ranks second in the world in gold demand behind China.

While owning precious metals is part of India’s culture, the fundamental reasons Indians buy gold and silver are no different than those that motivate people over the world to invest in precious metals – they historically preserve wealth, they provide a safe haven, and most significantly, they are real money.

Download SchiffGold's Gold vs GLD EFT's Guide Today

Get Peter Schiff’s most important Gold headlines once per week – click here – for a free subscription to his exclusive weekly email updates.
Interested in learning how to buy gold and buy silver?
Call 1-888-GOLD-160 and speak with a Precious Metals Specialist today!


Related Posts

Thirty-Nine States Don’t Have Enough Money to Pay Their Bills

It’s not just the federal government running massive deficits and piling up enormous levels of debt. Thirty-nine US states don’t have enough money to pay all of their bills. That was the grim conclusion of Truth in Accounting’s annual Financial State of the States report. The report summarizes a comprehensive analysis surveying the fiscal health […]

READ MORE →

No Inflation? Money Supply Continues to Grow at Record Rate

To hear Federal Reserve officials, politicians and mainstream financial media pundits tell it – there is no inflation. In fact, the consumer price index remains “stubbornly low” according to those who view rising prices as an economic good. But inflation defined correctly is rampant. In fact, it is at all-time record levels. Strictly speaking, inflation […]

READ MORE →

The Fed Is Backstopping the Enormous Government Debt

The 2020 budget deficit surged passed $3 trillion in August even as the US government continues to borrow and spend at a torrid pace. Since March, the federal government has added $3.3 trillion to the national debt. That is on top of the $1.4 trillion in debt Uncle Sam piled on in the 12 months […]

READ MORE →

The Fed Delivers What’s Expected

If you go to McDonald’s, you expect to get a hamburger. If you go to KFC, you expect to get chicken. And if you go to the Federal Reserve, you expect to get easy money. The Fed delivered exactly what you would expect at this month’s Federal Open Market Committee meeting that wrapped up Wednesday.

READ MORE →

Lockdowns May Have Permanently Scarred the Labor Market

Every week, analysts and pundits pour over the latest weekly jobs report looking for signs of life. Every month, we dive into the monthly unemployment numbers hoping they signal economic recovery. But these unemployment numbers don’t tell the whole story. The government economic shutdowns in response to the coronavirus pandemic have deeply wounded the economy […]

READ MORE →

Comments are closed.

Call Now