As gold prices touch 62,000/tola, buyers remain reluctant this Akshay Tritiya

“Given the higher prices, the amount of gold purchased would obviously be less. While monetarily business would see an increase volume-wise, the weight of gold sold would be low,” he said.

“On average, a middle-class family buys 300 gm of gold as wedding jewellery, which would come down. The basic items such as rings, necklaces, and chains would be purchased, but they would be lightweight,” he added. Modak also saw this trend during Gudi Padva, the Hindu New Year.

Similarly, Atul Ashtekar of the Krishna Rajaram Ashtekar Jewellers talked about a change in the gold purchase phenomenon in people, “Earlier people used to talk about tolas (1 tola =11.63 gm) of gold but now they are talking in terms of money. Thus instead of saying that they would be buying, say ten tolas, they would phrase it in terms of their budget,” he said.

Like Modak, Ashtekar also said this was due to the price rise. However, Modak said he felt the pent-up demand in the market would help them improve sales during Akshay Tritiya. “People have waited for a month for prices to cool down, and as that has not happened, they would buy as per their budget,” he said.