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

US Government About to Bump Up Against Debt Ceiling Again as Spending Continues Unabated

US Treasury Secretary Steve Mnuchin said the Trump administration and congressional leaders are getting closer to a deal to raise the debt ceiling. Meanwhile, the US budget deficit is has increased by 23.1% year-on-year through the first nine months of fiscal 2019. Mnuchin wants Congress to go ahead and raise the debt ceiling before the […]

READ MORE →

10% Gold in Your Investment Portfolio; Get Ahead of the Crowd

Last week, Independent Strategy head David Roche said gold could hit $2,000 by the end of the year. And Rosche isn’t the only big name in the investment world who sees a shiny future for the yellow metal. Mark Mobius recently said he thinks gold could push above $1,500 as central banks move interest rates […]

READ MORE →

World Gold Council: Gold Could Shine as Heightened Risk Meets Easy Money

Gold Flows into ETFs for Second Straight MonthGold will likely shine over the next six to 12 months as heightened risk meets easy money — this according to the World Gold Council’s mid-year outlook. Gold ranked as one of the best-performing assets through the first half of 2019, beaten only by stock markets – which have also been supported by the turn […]

READ MORE →

Gold-Backed ETF Gold Holdings Chart Biggest Increase in Seven Years

Holdings in global gold-backed ETFs surged in June, charting their largest increase in seven years driven by increased geopolitical uncertainty, fear of an economic slowdown and widespread anticipation of looser central bank monetary policy. Globally, gold holdings in ETFs rose sharply by 127 tons last month, according to the latest data from the World Gold […]

READ MORE →

Poland Gobbles Up Gold, Plans to Bring It Home

Poland has added 100 tons of gold to its reserves through the first half of this year and plans to move at least half of its hoard from England to National Bank of Poland vaults in Warsaw. We’ve reported extensively on gold purchases by central banks, particularly China and Russia as those countries seek to […]

READ MORE →

Comments are closed.

Call Now