Golden Dilemma: Skyrocketing Prices Dim Festival Purchases
During India's Akshaya Tritiya festival, traditionally a peak time for gold purchases, demand fell due to record-high prices. Despite a rise in investment interest, jewellery sales dropped as buyers favoured coins. With elevated prices, spending in value terms increased, but volume transactions saw a decline.
Gold demand during India's Akshaya Tritiya festival, a significant time for purchases, remained subdued as record prices discouraged jewellery buying, though investment interest saw a modest rise.
Consumers celebrated Akshaya Tritiya, a prominent gold-buying event, but many refrained from jewellery due to high prices, said Amit Modak, CEO of PN Gadgil and Sons.
Retail buyers showed preference for gold coins over jewellery, influenced by elevated prices that have altered traditional buying patterns, with demand for investment gold seeing the highest increase since 2013.
(With inputs from agencies.)
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