Akshaya Tritiya is one of the most auspicious occasions in Hindu religion. The word Akshaya means ‘Eternal’ and Tritiya means ‘third phase of the moon’. Akshaya Tritiya falls on the third lunar day of the month of Vaisakha in the Hindu calendar. Akshaya Tritiya is considered an auspicious day to start a business, construction of building or an investment. Buying gold on Akshaya Tritiya is believed to bring good fortune and prosperity. On the day, there is even a specific time period which is considered auspicious to buy gold, also called the shubh muhurat.1
A higher gold price, nation-wide lockdowns and concerns over household income curtailed gold demand on Akshaya Tritiya (AT) this year. The occasion fell on 26 April and early anecdotal reports indicate that sales were weak due to the challenging environment. The local rupee gold price (for 995 fineness) on AT was Rs 46,420/10g, almost 50% higher than last year’s price of Rs 31,496/10g. And besides the higher price, logistical constraints for delivery, concerns over income and the imposed lockdown combined to significantly impact festival gold sales.2