Akshaya Tritiya is considered to
be an auspicious day in India for
buying gold, as it is believed to bring the buyers good luck and great
fortune. However, gold sales on the occasion this year, which fell on April 27,
could only bring mixed fortunes to the sellers. Though in the Mumbai market,
standard gold closed, at the end of the day, at Rs 14,830 for 10 gm, higher by Rs
135, gold buying in major Indian cities was down by 20-40%, compared to last
year. While faithful customers kept their tryst with gold on the day by visiting
jewelry shops, the end-of-the-day sales figures did not glitter in many shops, with
many of the sellers expecting a substantial slide in demand in the coming months.
While such sentiments are only to be expected in the light of falling
sales, the yellow metal appears not to have lost any of its sheen, the all-round
depressing economic downturn notwithstanding. Ironically, the very global
economic slowdown could push investors looking for a safe investment option
to go for gold, as it is traditionally seen as a hedge against the dollar and
inflation. Not surprisingly, gold was selling
above $900/ounce in May this year (it touched $1,000/ounce in February), compared
to $325/ounce six years ago. |
