3 min readPuneMay 10, 2016 07:50 AM IST
First published on: May 10, 2016 at 07:50 AM IST
People queue up outside gold shops in the city to purchase gold on the occasion of Akshay Tritiya on Monday. Pavan Khengre
While Akshay Tritiya proved to be a mixed bag for gold traders, mango traders in Pune have reported ‘bumper sales’ on the occasion. Many felt that high international prices of the yellow metal was responsible for the sluggish sales, though many had hoped that it would at least be equal to last year’s by the end of the day on Monday.
Amit Modak, commodity expert, PN Gadgil and Sons, said that the industry had expected high traction for gold and gold jewellery as customers had missed Gudi Padwa. “But compared to last year, the demand for gold jewellery was a little low as the prices were high,” he said. On Monday, gold prices were hovering around the Rs 30,000 mark (for 10 gm), much higher than the last few months. Between January and April, prices ranged between Rs 25,000 and Rs 27,000.
Similarly Fatechand Ranka of Ranka Jewelers said that the demand on Monday almost averaged the demand for last year. “However, the demand has been slow. We hope that we would be able to at least cross the business we did for the last Gudi Padwa,” he said.
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Akshay Tritiya is considered one of the three auspicious days to buy gold. The prolonged strike by jewellers earlier this year had seen gold shops being closed during Gudi Padwa—one of the auspicious days. Akshay Tritiya sees almost double the amount of business in gold than normal days. Ranka hoped that Monday would see the industry doing business of more than Rs 100 crore.
A representative of Goldmart, however, said that the outlet witnessed brisk business. He said that the demand was for ornaments mostly rather than coins or bullions. Unlike the sluggishness in gold, the mango market in Pune had seen one of the biggest sales of the season.
Rohan Ursal, a trader operating in Pune Marketyard, said that Sunday had seen sale of around 50,000 boxes of mangoes. “Most of the buyers had thronged the market on Sunday to buy mangoes for Monday,” he said. Prices of the fruit was a bit lower on Monday.
People queue up outside gold shops in the city to purchase gold on the occasion of Akshay Tritiya on Monday. Pavan Khengre
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