How did gold sales do in Guwahati on Akshaya Tritiya? Business NorthEast investigates

Guwahati: Higher prices of gold this year impacted sales on Akshaya Tritiya, an auspicious occasion marked by investment in gold and other properties. The pinch was also felt in Guwahati, Business North East discovered during an investigation.

A marker insider in the Assam capital informed, “Gold prices have surged by 24 percent this year compared to the previous year's rates. Last Akshaya Tritiya, the gold rate stood at a modest Rs 57,000 whereas this year, buyers faced the daunting prospect of shelling out Rs 73,000 for the same amount of the precious metal." On Saturday, prices of the precious metal stood at Rs 75,240.

"High prices of the metal have affected the traditional fervor of gold purchases on this auspicious day", a resident of the city told this outlet. "The soaring prices have left consumers grappling with reduced purchasing power, leading to a notable shift in buying patterns."

Despite the cultural significance of Akshaya Tritiya as an auspicious day for purchasing gold, many said they were unable to afford the customary splurges on this occasion.

Amid this tumultuous market scenario, local gold merchants were compelled to adjust their prices accordingly. However, prices were still on the higher side. On Friday evening, renowned jeweler L. Gopal said it was offering 24-karat gold at a staggering Rs 73,500, while 22-karat gold was priced at Rs 70,500, further exacerbating the financial strain on buyers.

However, despite the economic challenges posed by the soaring gold prices, the spirit of Akshaya Tritiya continued to prevail. Store managers have reported a notable increase in sales, ranging between 15-20 percent compared to the previous year. "This surge in purchases is attributed to the enduring cultural significance of Akshaya Tritiya, which transcends economic constraints and underscores the deep-rooted reverence for gold in Indian society", merchant L. Gopal informed.

In a related development, the idol of Lord Ram in Ayodhya on Friday was adorned with a stunning outfit crafted from Assam's renowned muga and eri silk to make the auspicious occasion. Designed by Manish Tripathi, the dress featured intricate Vaishnavite motifs and took about 45 days to complete.

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