Gold glitters despite slowdown

Undeterred by cash crunch, Puneities purchased gold worth Rs 100 crore on Akshay Tritiya yesterday

Traditions and beliefs remain untouched by the economic slowdown. Yesterday, on the occasion of Akshay Tritiya, considered auspicious for purchasing gold, Puneities went on a buying frenzy undeterred by the rising gold prices or salary cuts.

According to Saurabh Gadgil, member of the Pune Jewellers Association, the total purchase of gold in Pune city and Pimpri-Chinchwad touched an estimated figure of Rs 100 crore.u00a0

"Despite the 50 per cent rise in prices (as compared to last year), people stuck to their beliefs and purchased gold yesterday," said Gadgil.u00a0u00a0

"Last year, the estimated sale of gold was the same, but the economy was booming then," he added.u00a0u00a0u00a0u00a0

Interestingly, Indians who have migrated to the US also went all out and made purchases yesterday. Pune's prominent jewellers P N Gadgil, who have a shop in Sunnyvale, USA, saw a rush of customers yesterday. "The US is most affected by the recessions, but more than 60 Indians made purchases at our shop in Sunnyvale. Even a few Americans have started considering Akshay Tritiya auspicious," said Dajikaka Gagdil, the founder of the shop.u00a0u00a0u00a0

Jewellers believe that people opt for gold, as they look at it as a safe investment option.u00a0 Fatechand Ranka, president, Pune Jewellers Association, said, "The stock exchange has fallen drastically, but gold does not get affected. This is because people still rely on it as a safe option, which can help them out during a financial crisis."u00a0

Added Gagdil,u00a0 "Gold prices have escalated and touched an all-time high of Rs 15,780 per 10 grams. But people are still visiting gold shops and they will continue to do so on every Akshay Tritiya,".u00a0

And customers agree. Meenal Pande, a housewife who purchased a gold necklace yesterday, said, "We do purchase at least one ornament every year on this day and we will stick to this tradition," she said.
Ganesh Jagdalale, who purchased five grams of pure gold, said, "If the rates of gold were within my reach, I would have purchased double."