Akshaya Tritiya Bonanza: Retailers Sweeten the Pot as Gold Prices Touch the Sky

Image Source: Equentis

As Akshaya Tritiya on April 30 draws near, gold prices in India have risen to record highs, breaching ₹96,000 for 10 grams and registering a mind-boggling 25-31% rise from last year. This unabating rise, propelled by uncertainty in global economies, a depreciating rupee, and high demand, has seen buyers and retailers running for cover.
A traditional peak season for gold buying, Akshaya Tritiya today has consumers hesitating at the counter, forcing jewellers and banks to make concessions. Retailers are providing steep discounts on making charges—up to 20% at top stores such as Joyalukkas—and flat cash-back deals of up to ₹3,000 on diamond jewellery for certain credit card users. Large banks like Axis and Bank of Baroda have entered the fray, issuing special credit card discounts and offers to soften the impact of high prices.

Irrespective of the record-high prices, the demand is healthy, supported by the festival's auspicious appeal and a recent spurt in weddings. Consumers are counting on these irresistible offers to sustain the festive gold rush, even while experts forecast the bullion market to remain volatile.

Source: Goodreturns