Gold business flourishes in Gujarat ahead of Akshaya Tritiya

Ahmedabad, May 12 (ANI): Gold business flourishes in Gujarat ahead of Hindu festival Akshaya Tritiya, which would be celebrated across the country, on May 16.

Prices of gold are substantially higher this year, as compared to last year's Akshaya Tritiya when gold traded at Rs 14,800 for 10 grams.

"Earlier, the gold rate was Rs 18,500, but today it's Rs 17,700. Two days back it was Rs 18,300 and now the prices have fallen again fallen. But as people have seen the higher rates of gold, they fear that they may increase more. This is the reason why they prefer to buy the same amount of gold at a higher price. Earlier, as the gold rates were high, people used to exchange their old jewellery to buy new one. But now the situation has changed," said Manoj Soni, owner of a jewellery store in Ahmedabad.

Although the price of gold has risen every year, people still purchase it for it is considered a safe investment option.

"I am very fond of gold. It's a good and safe investment option these days. I read newspapers these days, so I came to know that instead of lending your money on less interest that is five-six percent, it is better to have gold. I can keep it safely in the bank's locker," said Pratima Raval, a customer.

According to traders, the current gold prices, though much higher than last year's, are still reasonable and would not deter people from buying gold.

Compared to last year, sales are expected to grow over 50 percent in terms of value, and 30 percent in terms of quantity. (ANI)