People in Kerala begin buying gold on Akshaya Tritiya

Thiruvananthapuram, April 27 (Inditop) People began buying gold jewellery from Monday morning here on the occasion of Akshaya Tritiya, considered an auspicious day in the Hindu calendar for buying long-term assets like gold, silver and real estate.

“Gold is the ultimate symbol of wealth and prosperity. Gold and jewellery bought and worn this day signify never ending fortune, hence we decided to buy some today,” said Sajitha Pillai, a housewife visiting a jewellery shop here.

Akshaya Tritiya falls on the third day of the Hindu month of Baisakh (April-May), when the Sun and Moon are believed to be in exalted positions and are simultaneously at the peak of brightness, which happens only once every year.

Jewellers bank on this day to see their sales going up. But a jewellery shop owner here said while sales last year were “excellent”, the slowdown and higher price of gold could impact buying this year.

“Last year, the cost of per gram of gold was Rs.1,130 and today it is Rs.1,340 per gram. Likewise, don’t forget the slowdown is also going to be a factor. The crowds are good but we will have to wait and see if we can sell as mush as we did last year,” he said.