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Gold: Covid shadow reduces gold's glitter to a glow this Akshaya Tritiya, too


Synopsis
Demand was minuscule last year, when the country was in a lockdown on Akshaya Tritiya in late April. But consumer sentiment wasn’t this bad, as there were very few Covid cases at the time, and many had booked gold over the phone or purchased it online. Whatever little bit of business is happening now, it is mainly through online platforms, jewellers said.
Digital gold, which is bought through payment apps like Paytm is showing some traction with purchases in the Rs 3,000–4,000 range.
Demand for gold has crashed by 75-80% this Akshaya Tritiya on Friday compared with the festival in the pre-Covid-19 period two years ago, hurt by sentiment dampened by the pandemic and restrictions on trade and movement of people in several states. ....

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Gold shines bright on digital platforms for Akshaya Tritiya


Gold shines bright on digital platforms for Akshaya Tritiya
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Gold shines bright on digital platforms for Akshaya Tritiya
Mamtha Asokan / TNN / May 15, 2021, 04:00 IST
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Chennai: Gold buying on Akshaya Tritiya did not halt completely but took on the digital form as jewellers across major markets were shut due to Covid-induced lockdowns.
Considered an auspicious occasion to buy gold, this year too, like 2020, Akshaya Tritiya was celebrated under the shadow of the pandemic. Gold prices were up Rs 13 a gram at Rs 4,485 a gm in the Mumbai market on Friday.
Paytm and its subsidiary Paytm Money witnessed a 30% year-on-year (YoY) value growth in digital gold sales on their platform this year. ....

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​Akshaya Tritiya 2021: How to buy digital gold amid Covid-19 lockdown


​Akshaya Tritiya 2021: How to buy digital gold amid Covid-19 lockdown
Sunil Dhawan
© Provided by The Financial Express
Overall, the gold price is flat over 12-month period and is also around Rs 10,000 lower from its August 2020 highs.
On the occasion of Akshaya Tritiya 2021, the gold price in India is almost at the same level as was seen during the Akshaya Tritiya 2020. The price of gold per ten gram is currently at around Rs 47,000 after having recovered from the lows of about Rs 43,000 in the recent past. Even the gold futures prices on MCX have started to shore up recently. The MCX gold price continues to exhibit a strong solid show after a big blowout of the US Nonfarm payrolls data. After hitting a more than two weeks low of Rs 46,462 MCX Gold made a reversal to currently trading around Rs 47,900. The Immediate resistance is at Rs 48250 and then at Rs 48360. So consistent trading above Rs 48400 will open doors for Rs 49000 – Rs 49700, ....

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