Considering the pandemic situation this year, there may not be any increase in gold sales on Akshaya Tritiya which will be observed throughout the country on Friday. One of the reasons for the gold sales decline could be the just-started Covid-triggered lockdown in Telangana.
In this pandemic crisis, people prefer to hold on to cash to meet any medical emergency.
Jewellery outlets have already announced many exciting offers to attract customers as people believe it's auspicious to buy gold on Akshaya Tritya. Given the current situation of virus numbers and lockdown across the country, the chances of people going in for gold appears bleak with many jewellers expecting sales to be below normal.
Apart from other factors, most people are keen on maintaining a healthy bank balance or keep cash at home to meet medical emergencies, if any, said a jewellery shop owner.
Nowadays, every hospital is insisting on cash payment and asking the patients to apply for reimbursement from respective insurance companies, he added.
The timings to operate the shops in the lockdown period also seem to be a deterrent for those wanting to buy gold. A manager from a jewellery shop told a news daily that no customer will want to get up early and purchase gold before 10 am when the shops have to pull down shutters. Very few people opt for the online shopping facility as that could be riskier, he added.
Gold jewellery sellers are hoping this pandemic to end soon hoping to see a surge in gold sales.