SME Times is powered by   
Search News
Just in:   • Adani Group to invest Rs 57,575 crore in Odisha  • 'Dollar Distancing' finally happening? Time for India to pitch Rupee as credible alternative: SBI Ecowrap  • 49% Indian startups now from tier 2, 3 cities: Jitendra Singh  • 'India ranks 3rd in global startup ecosystem & number of unicorns'  • LinkedIn lays off entire global events marketing team: Report 
Last updated: 13 May, 2021  

Gold.9.Thmb.jpg Gold demand may be subdued this 'Akshaya Tritiya' amid Covid crisis

   Top Stories
» 49% Indian startups now from tier 2, 3 cities: Jitendra Singh
» 'India ranks 3rd in global startup ecosystem & number of unicorns'
» Tripura exported over 9K tonnes of pineapples in 2 years
» CPI inflation eases to 6.71% in July, IIP falls to 12.3%
» Rupee depreciates 12 paise to close at 79.64 against US dollar
SME Times News Bureau | 13 May, 2021
Demand for gold on the occasion of 'Akshaya Tritiya' on Friday is expected to be somewhat impacted by the raging second wave of the Covid-19 pandemic.

'Akshaya Tritiya' is considered to be an auspicious occasion to purchase gold and gold commodities, including jewellery.

However, the Covid crisis and the ensuing lockdowns across many states would hamper the physical demand for gold, experts said.

Nish Bhatt, CEO and Founder, Millwood Kane International, said, "The love for the yellow metal among Indians is no secret, and buying gold on Akshaya Tritiya is considered auspicious. But this time around, gold buying may get affected due to the outbreak of the second wave of Covid-19 in different cities across India."

He said that it is advisable for the investors and gold buyers not to venture out during these times and opt for digital or paper gold instead of physical gold.

Gold prices are on an upward move, helped by the weak jobs data, softness in dollar, and a broader view that the interest rates will be low in the US for a long time, Bhatt said, adding that gold prices are trading near a three-month high in international markets, while domestically gold prices are hovering near the Rs 48,000-level per 10 gm.

"The vaccination drive, control over the number of cases, and lockdowns internationally coupled with the movement of the US dollar will drive prices of gold moving forward," Bhatt said.

Ketan Kothari, Director of Augmont, noted that due to the statewide lockdowns, most of the jewelry shops are closed, and as a result the physical demand for gold remains muted.

"During these uncertain times, the sentiments of the buyers are weak before Akshaya Tritiya. Survival and saving cash for uncertainty is the preference for customers now," he said.

Print the Page
Add to Favorite
Share this on :

Please comment on this story:
Subject :
(Maximum 1500 characters)  Characters left 1500
Your name:

  Customs Exchange Rates
Currency Import Export
US Dollar
UK Pound
Japanese Yen 58.85 56.85
As on 13 Aug, 2022
  Daily Poll
COVID-19 has directly affected your business
 Can't say
  Commented Stories
» GIC Re's revenue from obligatory cession threatened(1)
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter