ANDHRA PRADESH

Gold rush on Akshaya Tritiya

With Akshaya Tritiya round the corner, there is more sizzle to summer as the jewellery shops in the city gear up with glittering offers and schemes for the day.

It is believed that on this day, the third day of the month of Vaishakha, the Sun and the Moon are at their brightest. For hordes of people what shines even brighter on this day is the gold waiting to be snapped up.

In a bid to get people back in droves to the stores, jewellers are stocking up with aggressive and innovative marketing campaigns to make the best of the auspicious day. Special schemes such as pre-booking options, discounts and gifts are also being offered. Even commercial banks have made it a point to sell gold in the form of coins. Primarily a Hindu - Jain tradition, the concept of Akshaya Tritiya has found takers cross all communities, a fact vouched for by all the major jewellers.

The day is also considered good for starting new ventures and making new purchases. Over the past few years, the hype around Akshaya Tritiya has grown in leaps and bounds.

However, it was after the World Gold Council ran a massive campaign few years ago, that the day became hugely popular as an occasion to buy gold.

World Gold Council

Gold, the most auspicious metal needs no preface in India. Its significance, worth and appeal speak volumes and is incomparable.

Not only does the auspicious metal have a high adornment value through its fashionable jewellery designs but is also one of the most secured investment options available. While the current economic conditions may have dwindled returns from other forms of investment, Indian housewives who have been passionate gold enthusiasts and investors are still reaping high returns from their investments in the form of gold jewellery, coins etc. As per the data released by World Gold Council, gold has provided an annual average return of 26 per cent over the past decade (between 1999 and 2008). Indians believe that gold is a symbol of good fortune and prosperity. With Akshaya Tritiya round the corner, this positive trend further encourages housewives to make a gold purchase at this opportune time in the year.

As of the first quarter of 2009, gold has provided a positive return of 17 per cent when compared to the average annual price of Rs.12,147 for 2008. The average price for Q1 of 2009 was Rs.14,180. The first quarter of 2009 also witnessed the gold price peaking to an all time high of Rs.15,780 per 10 gm on February 24, 2009.

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