Gold shop owners in Ongole say middle-class buyers have not shown interest in making big purchases this Akshaya Tritiya. Photo Credit: Kommuri Srinivas
On the occasion of ‘Akshaya Tritiya’, women usually queue up at jewelery outlets to buy gold ornaments. But this time the enthusiasm shown by the buyers was missing as the gold price remained high. The threat of another coronavirus outbreak could also worsen.
Jewelery shop owners tried their best to woo customers with discounts ranging from 5% to 20% and offered to waive making charges, but this Akshaya Tritiya, sales have only been sluggish.
Naveen Chowdhary, a key executive at the jewelry shop, said in an interaction, “We have fewer customers this year as compared to last year, when sales picked up after the slowdown caused by the Covid-induced economic crisis, and there are many reasons for this. Are.” Hindu,
less interested than middle class
“We mainly target the middle class by offering attractive discounts. They showed little interest in making big purchases this time,” said T. Prasad, owner of another gold shop.
Another gold shop owner N. “This year only a few customers bought gold on this occasion,” Balasubramaniam said. However, the affluent made big purchases based on analysts’ predictions that investing in the yellow metal would be attractive amid fears of a global economic slowdown and high inflation beyond 2024, he says.
Expect high returns in gold
With analysts predicting returns of anywhere between 10-15% in a normal scenario and 15-20% in a bull case scenario, gold is potentially testing a new high in the new financial year.
Meanwhile, many people spent the day offering special prayers, fasting and making donations as per the custom of Akshaya Tritiya.
On the auspicious day, a huge ‘Sudarshan Yagya’ was organized at the Tirupati Tirumala Devasthanam Kalyana Mandapam here to please Lord Mahavishnu. Those who could not make big purchases bought turmeric and salt on this day.