Gold Rate

Gold Rate

Markets in the city were full with activity on the eve of Akshay Tritiya, the day when buying gold or silver is considered to be extremely auspicious. Despite the metals acting price at a rate of Rs 22,370 (as on Thursday), jewelers were expecting an increase in demand. Last year we sold about 60 kg gold. Demand trends have been even more promising this time. We hope to sell at least 65 kg gold in the city, said KC Jain, president of UP Sarrafa Association. Akshay Tritiyain 2008 saw sale of about 50 kg gold.

From time immemorial, gold has been one of the most sought after metals. Nothing can diminish the glitter of gold, not even a price tag breaching Rs 22,000 for every 10 gm, said Adeesh Jain, a wholesale jeweler based in Chowk. He added that the price could swell a little more on Friday, but, it is not expected to cross Rs 22,600 mark. So we are waiting for buyers who would throng stores to pick their share of golden good luck, he said.

The excitement around Akshay Tritiya had already made its presence felt in the city, believed TR Lamba, manager of a jewellery store in Hazratganj.

The festive spirit among Indians remains undaunted by market forces. People celebrate, only the quantum of celebrations varies, he said. Vivek Ahuja, manager of a branded jewellery store cited the example of response to pre-booking offers. Scores of Lucknowites have booked gold and silver. The range is also wide, which is a very promising sign, he said. It was learnt that a branded jewellery store in Mahanagar had booked a diamond necklace worth Rs 25 lakh. Owner of a jewellery retail show room in Hazratganj, Rajan Rastogi predicted that gold and silver coins are going to be the best seller. Still, hoping high demand for small jewellery items, he has stocked them. Jhumki, earrings, finger rings and chains constitute a major portion of sales on the occasion, he said. In wake of the demand, shopkeepers have come up with interesting discounts too.

An old shop in Mahanagar for instance offered 50% discount on making charges to draw buyers. A branded jewellery store in Hazratganj was offering shoppers the option on the purchase of gold before and on Akshaya Tritiya and avail a discount of Rs 200 per 10 grams. Another store in Aminabad promised to give silver coins of the weight equal to the gold product a customer buys.

Meanwhile, Akshay Tritiya is also an important occasion from the matrimony point of view. It is believed that people who get married on this day, lead a comfortable life. Thus, scores of Hindu weddings are slated to take place on Friday. As per estimates, some 1,500 weddings would take place on the day.

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