Rising prices affect buying of gold, silver | mumbai | Hindustan Times
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Rising prices affect buying of gold, silver

mumbai Updated: May 07, 2011 00:54 IST
HT Correspondent
HT Correspondent
Hindustan Times
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Residents of Kandivli’s Kamala Vihar housing society, which will soon be razed for redevelopment, have pinned their hopes on this year’s Akshay Tritiya for good luck.

The society spent a part of its funds on buying 2gm of gold for every family in the Kandivli housing society on

Friday, because Akshay Tritiya is considered one of the most auspicious days in the Hindu calendar for buying gold and silver.

“Our priest recommended that we buy the gold for luck, so that the rebuilding is completed smoothly and on time,” said Shailesh Kamdar, a businessman and resident of Kamala Vihar housing society.

However, for several

shoppers in the city, the rising prices of the precious metals have proved to be a dampener to this year’s celebrations, as they have been forced to exercise restraint.

“We usually buy small quantities of gold for every member of the family on Akshay Tritiya, but this year I could only afford to get a few grams for my children,” said Varsha Jadhav, 37, a homemaker from Sion who is surprised that silver prices are rising even faster than that of gold.

“The economy has changed so much now that I guess we have to be content with the little we can do.”

According to Hindu mythology, Akshay Tritiya, which falls in the month of Vaishakha, is the birthday of Parashurama, an incarnation of Lord Vishnu.

Akshay Tritiya also falls on the day following Adhik Mas, the inauspicious 13th month of the Hindu calendar.

“People usually save all year and wait for this day to buy gold. But these days you just cannot buy much,” said Bharat Jhaveri, a trustee of the Walkeshwar Jain Mandir.

The Jain community also celebrates Akshay Tritiya as the day that the first Jain Tirthankara broke his 13-month fast.