Mumbai Braces For Record Gold Prices On Akshaya Tritiya, Traditions Remain Strong Despite Soaring Rates

While gold prices have surged to an all-time high, Mumbaikars will face the heat of inflation while buying gold on the auspicious day of Akshay Tritiya. Although the gold prices have skyrocketed, bullion traders are confident that the sales will also rise this year.

Akshay Tritiya is a festival observed by Hindus and Jains on the third lunar day of the Shukla Paksha of Vaishakha. The festival, which is related to unending prosperity and is celebrated by visiting temples as well as indulging in religious rituals. Along with the entire state of Maharashtra, Mumbai also enjoys the festival with great zeal and different communities celebrate it in different ways.

Akshay Tritiya, also known as Akha Teej, is called a day of new beginnings. Being an auspicious day, the believers tend to start new business, buy new property, buy new vehicles, organise house warming or even start new relations on this day. It is also a significant day for women, who pray for the well-being of their husbands or future partners. In many parts of the country, it is also a day of remembrance for the loved ones who have passed away.

Naresh Pujari, bhagvatacharya of Kalaram temple said, “Akshay Tritiya is one of the three and half auspicious days. Any deed carried out on this day is believed to be successful and doesn’t have an end. Donations are made to the Brahmins . People offer an earthen pot filled with water, sesame seeds, mango leaf and a seasonal fruit to brahmins as a symbol to offer them to their late elders. Married women are offered mangalsutra, vermillion, henna and bangles and people take blessings from them on this day.”

People specially purchase gold as a symbol of prosperity on this auspicious day. Following this custom, bullion traders also launch special schemes for gold buyers which results in high sales of gold in the city. However, this year, the gold prices have skyrocketed and gold buyers will have to bear the bullish prices. Last year on Akshay Tritiya, the price of gold per 10 grams was recorded at Rs 60,806 whereas gold prices have reached Rs 71,502 this year, excluding the taxes.

However, the bullion market is confident that the rise in gold prices will not affect the sale and traders are expecting sales figures similar to every year. Kumar Jain, secretary of Bombay Bullion Association, said, “Every year we record around 17 to 20 tonnes of sale in Mumbai and this year also we do not think that the sale will reduce. People are buying gold as per their tradition but they are paying it by cheque for smaller jewellery.”