Gujarat buys 100kg of gold on Akha Trij

Ahmedabad: On Akshay Tritiya , also known as Akha Trij, people across Gujarat bought about 100kg of gold, estimates by bullion and gold traders show. With gold priced high, most shoppers went for smaller purchases.

This year, Akha Trij, considered an auspicious day to buy gold and silver, fell on a Sunday, and most jewellery stores in the city remained open throughout the day.

Trade sources said demand remained cautious as record-high prices curbed enthusiasm for jewellery purchases. Consumers largely opted for coins, bars and lightweight ornaments instead of heavier jewellery pieces, said the sources. Manoj Soni, a jeweller in Ahmedabad, said that gold being at Rs 1.57 lakh per 10g plus GST on Sunday, most buyers opted for lightweight jewellery. Industry estimates suggest Ahmedabad accounted for 30-40kg of gold sales, while the rest came from Surat, Rajkot, Vadodara and other towns.

Bullion dealers, however, said that investment-led demand for coins and bars remained relatively healthier compared to jewellery. "Whenever prices stay elevated, consumers move towards smaller units and bullion products. That trend was visible this Akha Trij as well," said Haresh Acharya, director, India Bullion and Jewellers Association (IBJA). Retailers also noted that advance bookings were weaker. Silver sales also remained good, added trade sources.