Gold sales worth Rs 12,000 crore can be on Akshaya Tritiya: Industry

New -Delhi, April 29 (IANS). To buy gold at the occasion of Akshaya Tritiya is considered very favorable. This year, gold can be sold on Akshaya Tritiya, gold worth Rs 12,000 crore across the country. This statement was made by the industry on Tuesday. Pankaj Arora, president of All India Jewelers and Goldsmith Federation, said that on the occasion of Akshaya Tritiya, 12 tonnes of gold of Rs 12,000 crore can be sold. Arora said: “Silver sales could also affect a point of 400 tonnes or Rs 4,000 crore this year. In such a situation, the country is expected to have an enterprise of Rs 16,000 crore for the sake of Akshaya Tritiya.” However, he acknowledged that some customers were hesitant due to high prices. According to Arora, prices have risen due to many global factors, including economic uncertainty, rising crude oil prices, poor rupees and geopolitical tensions. BC Bhartia, president of the Confederation of All Indian Traders (CAT), said that buying gold and silver for weddings in India is a tradition, which is why the necessary purchases are still making. The current marriage season has contributed to maintaining demand to a certain extent. Bhartia said: “Jewelers also offer discounts and special offers to attract buyers.” According to Cat, gold prices have received a big leap over the past one year. Last year, the price of gold was Rs 73,500 per 10 grams, but this year it affected the level of Rs 1 Lakh. The price of silver also rose from Rs 86,000 per kg to Rs 1,00,000 per kg. According to CAT, the enthusiasm of Akshaya Tritiya is still strong among the traders, although prices have risen rapidly, the enthusiasm of Akshaya Tritiya is still strong, because buying gold on this day is considered a symbol of wealth and happiness in India. It is believed that the gold bought on Akshaya Tritiya never loses its value. -Ians abs/