Gold rates are at their peak at 60k rupees per ten grams (tolah). Yet, the gold-buying frenzy is only escalating thanks to the forthcoming Gudi Padwa, the Marathi new year.
An auspicious time to make new investments, it marks the first day of the month Chaitra in the Hindu Calendar.
Vastupal Ranka of Ranka Jewellers says that this time of the year brings in all sorts of customers from youngsters to families to new parents. This period being a propitious wedding season as well only adds to the gold rush.
People make as small investments as a gold coin as big as customized jewellery as well. In fact, many make reservations around fifteen days before Gudi Padwa to make sure to take a piece of gold home that day.
Ranka says that the faith in the yellow metal is going strong. When asked about preferences in precious stones, he says that people tend to especially make rings and pendants made of stones that are thought to be lucky for their rashi. But the strong preference for gold runs through the generations, not only because of its religious connotations among the older generations but even for younger people who find the metal one of the most promising kinds of investments in today’s world.
Gudi Padwa and Akshaya Tritiya being a part of the auspicious saadhe teen muhurats of the year, many jewellery shops run offers and schemes from the end of March to the end of April. If you’re thinking of buying gold soon, don’t miss this religious and financially good opportunity to invest in.
Amit Modak, director and CEO of PNG Gadgil & Sons, says that due to the recent bank crisis in the US which has affected the economy globally has only appreciated gold’s value. While the total number of sales might drop by 5-10% due to the increase in price, the total value of the sale itself is expected to increase by 10%. He also adds that there is a shift towards more lightweight jewellery especially as youngsters are more inclined towards 14 and 10-carat gold.
About 40% of the total sale consists of gold coins and other investments whereas the rest is attributed to jewellery. Mature and older buyers still prefer the traditional heavy jewellery route.