Page 30 - Bullion World issue 2

Bullion World | Issue 02 | June 2021

What Akshaya Tritiya

2021 brought in

Indian Gold market?

Ms Neelambari Dasgupta
Bullion World

Akshaya Tritiya was celebrated on May 14, 2021. Paper gold products saw an increase in trading
Unfortunately, most of the country was under lockdown. activity
Did it stop people from purchasing gold and gold The MCX Gold Petal futures contract, with underlying as
ornaments? How did the paper gold products and digital 9999 one gm gold petal, noted a good spike in volume
gold perform? around Akshaya Tritiya. Maximum trade happened on 19th
Akshaya Tritiya is one of the most auspicious days for the of May with a volume of 1,13,979 lots. On 14th May, the
Hindu and the Jain communities. On this day purchase of Gold day of Akshaya Tritya, the traded volume was 47,741 gm.
is considered to bring good luck and prosperity. Akshaya Tritiya
and Dhanteras are the major days on which jewellers witness a
rise in sale.

Lockdown affected sale of physical gold and gold
ornaments
With second wave of Covid 19, most States imposed lockdown
from the second week of April, 2021. The retail sector was
expecting good sales during Akshaya Tritiya this year as
Gold price had reduced after a long time. However, lockdown
restricted movement of people and opening of shops thereby
affecting the sale of physical gold and gold ornaments.
Especially, single store jewellery retailer with no online service
suffered the most. Major retail players who have online service
still managed to get some billing, but physical buying was
somber. We had also seen innovations by market leaders. For
instance, P N Gadgill & Sons which has its retail stores in 29
places and employees 800 staff members through telecall
achieved a booking of Rs. 25 crores in the second wave. The
jewellery would be delivered to the customers post-lockdown.

Source: MCX

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