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In line with the recent rally, gold rates slightly increased across India on Friday. As the country celebrates <keyword id="126295" type="General" weightage="20" keywordseo="Akshaya-Tritiya" source="Orion">Akshaya Tritiya</keyword>, in Delhi, 10 grams of 24-carat gold would cost you ₹73,240 today. Meanwhile, on the MCX, gold contracts for June delivery traded higher ₹93 at ₹ 73,090 per 10 grams. Since last year’s Akshaya Tritiya, gold prices have witnessed a remarkable rise of around 20% from Rs 60,000 levels during 2023, according to the India Bullion and Jewellers Association. Gold is regarded as a reliable hedge against inflation, and for good reason! This reputation stems from its tendency to either maintain or increase in value during periods of inflationary pressure. In fact, this very quality makes gold an attractive option for investors looking to safeguard their wealth from inflation’s detrimental effects. The rise in gold rate has been attributed to robust global cues, anticipation of interest rate cuts from central banks later this year, and ongoing geopolitical conflicts. During uncertain times, investors prefer safer assets like gold over risky assets like equities or crypto. Gold rates experience daily fluctuations due to a myriad of short- and long-term factors. These include considerations such as shifts in supply and demand, economic indicators, geopolitical developments, currency movements, investor sentiment and more. Given the dynamic nature of the precious metals market, effective monitoring and analysis of pricing data are crucial for investors and traders to make informed investment decisions. To help you out with this process, we bring you this comprehensive daily series dedicated to providing the latest updates on gold prices across major cities in India. Here are the gold rates across major Indian cities on Friday, May 10: Gold Rates on May 10th <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">City </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">22-Carat </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">24-Carat </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Delhi </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">67,150 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">73,240 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mumbai </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">67,000 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">73,090 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kolkata </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">67,000 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">73,090 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Chennai </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">67,050 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">73,150 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bengaluru </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">67,000 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">73,090 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hyderabad </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">67,000 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">73,090 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Ahmedabad </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">67,050 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">73,140 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Pune </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">67,000 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">73,090 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Surat </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">67,050 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">73,140 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nagpur </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">67,000 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">73,090 </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> While these data points offer valuable insights into market trends and factors driving price movements to assist investors in navigating the gold market effectively, investors are advised to perform their own due diligence before making any investment decisions. As the day progresses, we encourage investors to remain vigilant and monitor gold rates closely for any emerging trends or market developments. By staying informed about these daily price fluctuations, investors can identify potential trading opportunities and make well-informed investment decisions. For daily updates and in-depth analysis of gold rates, continue following our coverage on Business Insider India. Disclaimer: The content on this website is for informational purposes only and should not be construed as investment advice. Rates are subject to change from time to time and across multiple geographical locations. We recommend readers consult certified, qualified and registered advisors for professional and personalised financial advice.

Gold rate on 10th May: Latest gold rates in Mumbai, Delhi, Kolkata, Bengaluru, Chennai and other Indian cities

<ul><li>Indians buy <keyword id="18712" type="General" weightage="20" keywordseo="gold" source="Orion">gold</keyword> on <keyword id="126295" type="General" weightage="20" keywordseo="akshaya-tritiya" source="Orion">Akshaya Tritiya</keyword> as it is believed that the day symbolises good luck, success and fortune.</li><li>This year Akshaya Tritiya falls on April 22 and companies are offering multiple ways consumers can buy gold.</li><li>Gold has risen 15% since the last Akshaya Tritiya on May 3, 2022.</li><li><keyword id="46002" type="General" weightage="20" keywordseo="gold-prices" source="Orion">Gold prices</keyword> scaled a record high of ₹61,660 per 10 gm on April 19, 2023 in Mumbai.</li></ul>Akshaya Tritiya also known as Akha Teej is a Hindu festival considered to be a highly auspicious and sacred day – and a good day to buy gold and properties. As per mythology, a number of events took place on Akshaya Tritiya, making it an auspicious day. For instance Maharishi Ved Vyasa, the author of Mahabharata, is believed to have started narrating the epic to Lord Ganesh on this day. This year Akshaya Tritiya falls on April 22, Saturday. And gold has risen 15% since the last Akshaya Tritiya on May 3, 2022, according to Quantum AMC. Gold prices hit a record high at ₹61,660 per 10 gm on April 19, 2023 in Mumbai. “This Akshaya Tritiya seems like an opportune time to load up your purchase as the macroeconomic backdrop and risk-reward dynamics seem to favour gold and the downside looks limited,” said Ghazal Jain, fund manager- alternate investments, Quantum AMC. The yellow metal is considered as a hedge against inflation and a safe haven compared to assets like equities, bonds and currencies. A mild recession and weaker earnings have historically been gold-positive. A further weakening of the dollar as inflation recedes could provide support for gold. The current uncertain macro environment triggered by the war between Russia and Ukraine, high inflation across the globe, rising interest rates and now the banking crisis in the US and Europe – all make a case for buying gold. “Domestic gold prices are derived from international gold prices. International gold prices are priced in US dollars and hence the dynamics of the US economy are big drivers of gold prices. Expectations of a monetary policy pivot by the Federal Reserve are gathering steam after a regional banking crisis in the United States made the economic impact of higher interest rates apparent,” said Jain. “Further deterioration in economic conditions could drive risk aversion, hurt risk assets and lead gold prices up,” she said. Soaring gold prices have led Titan’s jewellery arm Tanishq to reinstate its advanced booking option, allowing buyers to lock in the price of the yellow metal ahead of Akshaya Tritiya. It has also amplified its gold-exchange programme and introduced an affordable range of jewellery to woo consumers. From gold jewellery and coins to gold ETFs or exchange-traded funds, there are multiple ways in which one can invest in gold. Here are some ways to invest in gold: <keyword id="36023" type="General" weightage="20" keywordseo="Gold-coins" source="Orion">Gold coins</keyword> You can buy gold coins from MMTC-PAMP – a joint venture between Switzerland-based bullion brand PAMP SA and MMTC, a Government of India Undertaking. You can also buy them from non-government sources such as jewellers and bullion traders. <keyword id="2754241" type="General" weightage="20" keywordseo="Sovereign-gold-bonds" source="Orion">Sovereign gold bonds</keyword> Sovereign gold bonds (SGB), a substitute to physical gold, is a paper issued by the government that is denominated in terms of grams of gold. Basically, SGBs give investors an exposure to gold, but not in a physical form like gold bars or jewellery. The Indian government had initiated the investment options in 2015 as an alternative to owning physical gold. These bonds have a term of eight years with a lock-in period of five years. However, that does not necessarily mean that the investment needs to be compulsorily held till maturity. Investors can opt for premature redemptions. Additionally, gold bond investors have the option of selling the bonds anytime on the stock exchanges. Gold exchange-traded funds (ETFs) Gold ETFs are passive investment instruments that invest in gold bullion, and aim to track the domestic physical gold price. In other words, Gold ETFs are units representing physical gold which may be in paper or dematerialised form. ETFs reflect the current gold prices unlike physical gold prices, which vary across India depending on local taxes in each state, transportation cost and other related costs. Since ETFs are listed on an exchange, they offer high liquidity. You can buy or sell your holdings at any time during the day at the real-time price of gold. <keyword id="1024100" type="General" weightage="20" keywordseo="Gold-mutual-funds" source="Orion">Gold mutual funds</keyword> Gold mutual funds are a type of mutual fund that invest their corpus in various gold forms including physical gold and gold mining companies. The performance of gold funds is dependent on the movement of stock prices of these companies. Since gold mutual funds are actively managed by a fund manager, it has the potential to offer higher returns as compared to gold ETFs that mimic a market index. <keyword id="4465249" type="General" weightage="20" keywordseo="Digital-gold" source="Orion">Digital gold</keyword> It allows you to purchase the precious metal online, but eliminates the need to physically store it. Digital gold can be bought online through fintech platforms like Groww, Kuvera etc., and through brokers as well. The gold purchased as digital commodity will be stored in insured vaults by the seller on behalf of the customer. All you need is internet/mobile banking and you can invest in gold digitally anytime, anywhere. Moreover, you can invest an amount as low as ₹10. Here is how to invest in digital gold via fintech platforms: <ul><li>Signup on the fintech platform to start the investment</li><li>Enter an amount in rupees or grams</li><li>Complete the know-your-customer (KYC) process</li><li>Pay for the investment</li><li>Store your gold in a secured locker</li><li>Later, when you sell you can choose to sell your gold digitally on the platform or take physical delivery of the gold. You can request for a doorstep delivery of your gold in the form of coins or bullion. </li></ul> SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/rils-q4-to-be-driven-by-sustained-momentum-in-retail-business-o2c-to-see-modest-growth/articleshow/99629278.cms">RIL’s Q4 to be driven by sustained momentum in retail business, O2C to see modest growth</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/condom-maker-mankind-pharmas-4326-crore-ipo-to-open-next-week-on-april-25/articleshow/99614288.cms">Condom maker Mankind Pharma’s ₹4,326 crore IPO to open next week on April 25</a>

Here are the many ways you can invest in gold this Akshaya Tritiya

Post the Fed's 50 basis point interest rate cut in September, the yellow metal has been scaling record highs every day. And per a recent <keyword id="22362020" type="General" weightage="20" keywordseo="UBS-report" source="keywords">UBS report</keyword>, its glitter is not going down anytime soon, with gold potentially touching $2,750 by the end of this year, and as much as $2,900 by the third quarter of 2025. Treasury yields, or interest rates have always had an inverse relationship with gold, which is why the metal's demand witnesses a notable uptick, every time the Fed slashes rates. This is because an interest rate cut reduces the yields i.e. returns that investors earn by way of having funds in government treasury bonds. As a result, investors tend to withdraw their money, weakening the dollar, thereby making the yellow metal a lucrative investment option. Going ahead, the markets are anticipating that the Fed will further bring down interest rates again, by around 75-100 basis points by the end of this year. As the CME FedWatch Tool indicates, there is now a 62.2% chance that the Fed will cut down interest rates by another 50 basis point during its meeting in November. This is also why <keyword id="19910265" type="General" weightage="20" keywordseo="gold-prices" source="keywords">gold prices</keyword> have been seeing a healthy growth in both domestic and international markets. According to a report by Angel One, the demand of safe-haven gold is only set to go up in the months to come. Apart from Fed's rate cuts and the upcoming <keyword id="20585365" type="General" weightage="20" keywordseo="US-elections" source="keywords">US elections</keyword>, there are tensions brewing globally on the geo-political front, with militant group Hezbollah's leader <keyword id="22445260" type="General" weightage="20" keywordseo="sayyed-hassan-nasrallah" source="keywords">Sayyed Hassan Nasrallah</keyword> killed in a powerful airstrike in Beirut. This has dealt a heavy blow to the Iran-backed group, as it reels from an escalating campaign of Israeli attacks. "In such times, zero-yield bullion tends to be a preferred investment, more likely so in a low-interest rate environment and also, during geopolitical turmoil", the note added. <h2>Momentum set to continue </h2>The bullion recently touched an all-time high price of $2,670 on September 24th, 2024, and has rallied as much as 10% during the past 6 months. Closer home, we are approaching the festive season, as India gears up to celebrate festivals like Diwali (Dhanteras) and Akshaya Tritiya in October. These have long been associated with heightened gold purchases in the country. Particularly, Dhanteras sees a surge in gold buying as it is considered an auspicious time to acquire new assets, majorly gold. As the UBS report states, "the metal's current elevated starting point provides increased scope for gains in the coming months, particularly as ETF demand accelerates. We recommend gold as a strategic hedge within a diversified portfolio, suggesting a 5% allocation to the precious metal". Alekh Yadav, Head of Investment Products at Sanctum Wealth, also advises making some allocation to gold in your portfolio, since gold has a negative correlation with equities; whenever equity markets correct, gold typically performs better. Given that US markets are currently at elevated valuations, gold can serve as a hedge against potential global equity corrections, he explains. "In conclusion, we believe that some allocation to gold, even at current levels, makes sense as a hedge against global risks", he continues. As a thumb rule, you should always have anywhere between 5-10% allocation to gold via digital gold, gold bonds, exchange traded funds (ETFs), sovereign gold bonds (SGBs) etc., since it serves as an effective hedge against inflation, and declining yields. Note that your allocation to gold should not be arbitrary or as a lumpsum, but rather in sync with your overall financial goals, and also, should be increased gradually, via SIPs. However, during prevailing economic conditions, increasing your investments in gold might not be a bad idea as well. But remember to consult with your financial planner over this. Over-investing in gold is also not advisable, since the asset class does not generate high-returns, which means a significant potion of your money could be stuck in a non-yield generating asset, when it could have been in equities or other assets, which generate comparatively more returns.

Is this a good time to invest in gold? Here's what experts are saying

<ul><li>Gold prices are falling for the third consecutive week as the Indian economy recovers and the number of COVID-19 cases decline.</li><li>The diminishing value of the yellow metal is good news for customers looking to buy up gold ahead of the summer wedding season and <keyword id="126295" type="ORGANIZATION" weightage="20" keywordseo="Akshaya-Tritiya">Akshaya Tritiya</keyword>.</li><li>Jewellers are optimistic that the fall in the price of gold and the upcoming festival season will drum up demand for the physical product.</li></ul>Gold prices are finally falling after a year of being on the rise. And, people in the world’s biggest market for gold, India, are taking advantage of the opportunity. Benchmark gold futures in the country have dropped 20% from a record high in August last year of ₹56,200. They are basically a deal to trade gold at terms decided now but with a settlement date in the future. Moreover, as compared to the beginning of 2021, gold prices are down by over ₹5,000 from highs of ₹48,500. This means the precious metal has technically entered bear territory. “Gold prices fell for the third consecutive week as risk on sentiments kept investors away from precious metals,” said HDFC Securities in its report dated March 8. For consumers, there couldn’t be better news with the summer wedding season just around the corner and Akshaya Tritiya — pegged as an auspicious day to buy gold — falling on May 14. Why is the price of gold falling? Simply put, consumers are no longer looking for a safe haven store of currency. During the coronavirus pandemic, the markets were volatile and rates offered by banks were sub par, giving gold the edge over others as a store of value. Now that the number of COVID-19 cases are slowing down and the economy is on the track to recovery, gold prices are coming back down. Investors are instead putting money into US government gold yields to earn higher returns. “Gold prices declined on a stronger dollar as traders and investors switched to the best alternative to gold.” noted HDFC Securities. As a result, the dollar index rose by 1.2%. Government officials told <a href="https://www.bloombergquint.com/global-economics/gold-s-slump-boosts-indian-buying-ahead-of-wedding-season">Bloomberg</a> that imports have jumped 41% in February to the highest that they’ve been since November 2019, which is another indicator of demand coming back. It’s time to buy up gold Last year may have been stellar to buy gold on the commodity exchange, but physical consumption was in the pits. According to the World Gold Council (WGC), the demand for jewellery plunged by 34% in 2020 as compared to the year before. Now, the demand for physical gold is seeing an uptick as prices dip to a near one-year low. It also helps that the Modi administration reduced import duty on the yellow metal from 12.5% to 7.5%. "GJC had been representing this concern for many years and we are glad that the government has acknowledged it and reduced the import duty," said chairman of All India Gem and Jewellery Domestic Council (GJC) in a statement. Lower prices, however, are only one part of the picture. In India, gold holds an important place in Indian weddings and the summer wedding season is set to occur between mid-April to May. Jewellers are also hoping that Akshaya Tritiya — the second-most auspicious day to buy gold for Hindus after Dhanteras — will also lead to a surge in demand. “The festival and wedding looks good. The investment demand has come back, and the jewelry demand will come in after the rates stabilize,” said Ashish Pethe, chairman of the All India Gem and Jewellery Domestic Council in a <a href="https://www.bloombergquint.com/global-economics/gold-s-slump-boosts-indian-buying-ahead-of-wedding-season">statement</a>. He believes that the demand will also see a boost since a lot of weddings that were postponed in 2020 due to the coronavirus pandemic will be scheduled for 2021. Brokerage HDFC Securities expects gold prices to remain low in the coming week, unlikely to dip below ₹44,000 per 10 grams. Analysts believe the rates of precious metal may continue to fall given the sharp recovery in economic activity and a slowdown in COVID-19 infections. However, gold could turn bullish again if central banks choose to step in. Sovereign debt for all countries has increased during the pandemic and the balance sheets are bloated in the face of public expenditure. “We do not think yield will sustainably rise given the fact that governments do not favour higher yields on their accumulated gigantic debt,” said the lead analyst of institutional equities at YES Securities, Hitesh Jain. Rising rates of yields — the interest rate that the government has to pay out for borrowing money from the market — is not favourable with high debt. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/india-blockchain-tech-to-make-sms-more-secure-is-leaving-users-locked-out-of-their-account/articleshow/81409145.cms">India’s blockchain tech to make SMS more secure is leaving users locked out of their accounts — and potentially more at risk</a> <a href="https://www.businessinsider.in/india/news/india-is-using-the-quad-alliance-to-get-help-from-the-us-japan-and-australia-to-match-chinas-covid-19-vaccine-push/articleshow/81408044.cms">India is asking the QUAD for money to boost vaccine production and counter China’s moves on the global stage</a> <a href="https://www.businessinsider.in/business/corporates/news/elon-musks-net-worth-has-eroded-60-billion-in-just-two-months-as-teslas-market-cap-falls-35/articleshow/81407453.cms">Elon Musk’s wealth has eroded $60 billion in just two months as Tesla's market cap falls 35%</a>

Gold prices are falling and the world’s biggest market for the yellow metal is hoping for more shoppers

<ul><li><keyword id="31174" type="PERSON" weightage="20" keywordseo="brands">Brands</keyword> have seen early signs of recovery during <keyword id="126295" type="ORGANIZATION" weightage="20" keywordseo="Akshaya-Tritiya">Akshaya Tritiya</keyword> and <keyword id="6385850" type="UNKNOWN" weightage="20" keywordseo="Raksha-Bandhan">Raksha Bandhan</keyword> and their businesses are approaching normalcy. </li><li>After surviving the storm during the lockdown, brands have a lot of hope resting on the festive season to bring in cheer and profitability in their businesses. </li><li>With Ganesh Chaturthi around the corner, we decided to speak to a few brands across categories on how they are preparing for the festive season and what kind of expectations they have pinned on the latter half of the year for recovery. </li></ul>Brands are pinning a lot of hopes on the festive season this year to help them bounce back. They have started working on their advertising campaigns in full swing to win back consumer trust and help shape the <keyword id="29547" type="PERSON" weightage="20" keywordseo="Market">market</keyword> sentiment. The festive season, which begins in August and continues till January, often results in a disproportionate increase in demand of goods and services, marking an important period for most consumer brands. However, the pandemic this year has made consumers frugal and the current market unrest has taken a sharp toll on the total spends. As per Madison’s report, AdEx collapsed by as much as 65% because of COVID-19 in Q2, indicating how badly the economy has been performing so far. Last year for Television, the Indian Premier League (IPL), ICC World Cup and Elections in Q2’19 contributed around Rs 3,000 crore (34% to the TV AdEx in Q2’19). However, the pandemic removed both these money-spinners from the AMJ quarter this year, which has added to the decline. This year, brands are trying to come up with innovative solutions to reach out to their consumers at their door steps and are optimistic about seeing a stable growth in the next few months. Fashion e-commerce giant Myntra has seen early signs of recovery and <keyword id="1549018" type="PERSON" weightage="20" keywordseo="consumer-sentiments">consumer sentiments</keyword> picking up during Raksha Bandhan as it witnessed a surge in demand for women's ethnic wear, men’s occasion wear, kids wear, and accessories such as watches, handbags. It also saw 3.5 million customers shopping during the June edition of EORS, a testimony of how consumer sentiments are getting back on track. “The festive season, followed by winter, is the most exciting quarter for Myntra. This year we are expecting a massive scale and growth in festive buying as consumer sentiment continues to be strong. Myntra is already operating at a pre-lockdown scale, and this upcoming festive season will definitely help us in boosting our growth further. Our focus will continue to be on enhancing customer experience by providing high-quality merchandise in a curated and personalized store, along with safe and fast delivery. Our new customer acquisition is at an all-time high and we are ensuring we help them in all their lifestyle needs. We are witnessing a spike in our Tier II and Tier III customers and orders as well,” said Ayyappan Rajagopal, Head of Business, Myntra. Another new-age brand Melorra that specializes in modern jewellery, has managed to avoid the losses incurred by various other businesses during the pandemic months. It saw a 400% growth in the last financial year, and is confident of matching that level of growth with a strong performance in the upcoming festive season. “The festive season this year is expected to be even more impactful than the past for Melorra. Firstly, the lockdown that started in March slowed down the jewellery purchase due to disruption in the delivery logistics, and most of the people are looking to buy jewellery now that the deliveries have resumed. Given the pandemic, all festivities in the first 2 quarters of the FY was a washout, hence there could be a trend reversal during festive season – but not at the previous levels. Since the prices are also at an all-time high, customers would opt for lightweight and trendy gold jewellery that is not only stylish but also easy on the pocket. Melorra caters to women who live in the moment and do not keep gold stacked away in lockers like before. Hence, it is definitely a key period for the brand and the jewellery industry at large,” said Sharat Krishnan, Head of Marketing, Melorra. The festive season has always been the most important part of the year for the jewellery business. Titan has already seen 80% recovery because people are celebrating their milestones with their families at home. It has a campaign and launch of a new collection lined up for October. Ajoy Chawla, CEO Jewellery Division, Titan Company Ltd sees no reason why the festive season shouldn’t be as good as last year. “It would be as good as last year or slightly lesser. The most optimistic expectation is that it should be as good as last year. Even if it is 90% or 80% close to last year’s performance, that’s good. We’re currently seeing 80% recovery and this is my best estimate. We’ve seen this recovery because people are still celebrating milestones like anniversary, birthdays, etc. They understand that the reality is grim but how long can you keep your life on hold? They want to feel good. Also, Q3 is wedding season but the festive season is delayed this year so the season may start a little slower unless there are massive rebound cases. Some markets also take two steps forward and three steps back, there is always some fluctuation. However, after October, we are hoping to see more stability. We will also launch a new collection and campaign around October,” shared Ajoy Chawla, CEO Jewellery Division, Titan Company Ltd. On what the consumer sentiment would likely be this festive season, Nidhi Sinha, Head of Content, Mintel India said, "One of the most important things people are looking forward to once the restrictions of the pandemic are lifted is meeting friends and family. However, according to research from Mintel’s Global COVID-19 Tracker in August, 42% of Indian consumers are looking forward to meeting family and friends in person compared to 34% of consumers in early July. This desire has accelerated due to the onset of the festive season." Mintel's research data indicates that consumer sentiment is improving and there is more willingness to spend on luxury items and good brands in the market. Sinha added, "Ganesh Chaturthi, which is round the corner, would be one such important festival that would entail celebrations in a different way so as to be in line with the pandemic protocols. As people continue to be under restrictions due to the pandemic, this festival is expected to be low key compared to regular times. However, Mintel research highlights that 30% of Indian consumers are planning to spend more on clothes and accessories, presenting an opportunity for brands. This is indicative that people are planning to spend on indulgences despite a negative economic outlook. Brands like Gemini oil, Ferns and Petals and Cadbury have been very agile in talking about the changing face of the festivities and how it is an opportunity for people to spend such festivals at home with their loved ones.” Festive season is an important period for the retail industry. It is a time when consumer spending is at an all-time high. One of the leading sportswear brands PUMA has multiple new launches planned throughout the season to cater to increasing demand. Telling us how the consumer sentiment changed in retail, Abhishek Ganguly, General Manager, PUMA India and Southeast Asia said, “As we’re witnessing right now, online channels will continue to be a convenient option for consumers to shop. Given the precautions around health and safety, we are seeing people shop online or go to a store where they are confident about the hygiene measures being implemented. Having said that, as lockdown continues to be relaxed across the country, we are seeing a steady week-on-week increase in footfalls with consumers visiting our stores to buy fashion essentials.” On festive expectations, Ganguly added, “Over the last 3-4 months, we have been seeing steady growth across both our offline and online channels. The conversions have increased substantially from pre-Covid times as people exactly know what they want to buy and are shopping with a clear intent. Given the trend of how things are continuing to improve compared to the previous months, we are very hopeful of a strong September and October. We hope this trend continues through the festive season and beyond.” Electronics giant Philips has launched a few new products like Smart Hair Dryer, Eyebrows Trimmer this month to ride on the improving consumer sentiment due to the festive season. Gulbahar Taurani, Vice-President, Personal Health, Philips Indian Subcontinent, Philips India, said, “The trends indicate that this is going to be a good season. We will have our challenges in terms of supply chain, partial lockdown, movement of products because the number of COVID cases are going up. From a demand standpoint, we see a very positive sentiment. I believe that this is going to stay, which will drive the festive season. As a part of the festive season, we had a couple of new launches last month itself.” The furniture segment, which was on complete halt during the lockdown as it did not fall under essentials, is also gearing up for the festive months. Given that individuals are spending more time at home due to the lockdown, home-grown brand Pepperfry witnessed an uptick in demand for WFH furniture and décor. In fact, Pepperfry is already at 100% of its pre-lockdown sales volumes. Kashyap Vadapalli, Chief Marketing Officer &amp; Business Head, Pepperfry is now anticipating to see this trend boost their sales further as people continue to focus on making their home spaces better equipped for everything. The brand is upping its digital media game and has launched a new campaign called ‘Swadeshi is Great’. “Given that household products and celebrations at home play such an important role during the festive season, consumers are constantly looking to revamp/renovate the space such that the home category witnesses a natural upswing in demand during festivals. With this combination of consumer adaptation and brand innovation, we are positive about the consumers’ outlook and demand for categories like home décor and furniture. As consumers have become apprehensive with regards to shopping offline or even stepping outside, they are increasingly adapting to buying online. Our online business is already at 120% of pre-COVID levels. As we move along, we plan to keep innovating with digital tools to enhance our consumers’ buying experiences,” said Vadapalli. The sudden outbreak of the pandemic brought a lot of businesses to a standstill. However, one of the few sectors that have seen an upturn amid the nationwide lockdown is EdTech. Now, to evolve with changing times and to prepare for the upcoming festive season, upGrad is looking at altering its marketing strategy. It is shifting its spends towards TV as consumers would want to spend more time together, while supplementing it with digital. Telling us what kind of changes EdTech has gone through lately, Arjun Mohan, CEO-India, upGrad said, “Given the current scenario, consumer priorities are being re-calibrated. They are now undergoing a behavioral shift which is directly reflecting on their spends. Unlike earlier, individuals today have ample time and money to spend on upskilling options, which otherwise, was parked for a later date. upGrad has seen a big behavioral shift in the mindset of parents too towards learning online, as they have seen their kids benefiting from it in real-time. This is one of the major drivers that has created a massive demand for our specialised online programs, which not only enhances the domain knowledge, revise skill sets, etc. but also help professionals achieve desired career outcomes.” All brands voiced their confidence that the worst has passed, and the markets will only move towards normalcy hereon.

Festive Marketing: Brands are optimistic that improving consumer sentiments will help them bounce back and bring in profitability

<ul><li>The usual fervor of the Big Fat Indian Summer weddings have given way to downsized miniature ceremonies this season. </li><li>However, consumers are investing the money they save from these small weddings in gold to secure their future. </li><li>On the back of these trends, <keyword id="1483203" type="PERSON" weightage="20" keywordseo="Ramesh-Kalyanaraman">Ramesh Kalyanaraman</keyword>, Executive Director, <keyword id="413856" type="COMPANY" weightage="20" keywordseo="Kalyan-Jewellers">Kalyan Jewellers</keyword> is optimistic that the brand will be able to expand its customer basket size by 30%. </li><li>We caught up with Kalyanaraman to understand how intimate weddings emerging as a trend has affected the <keyword id="556004" type="PERSON" weightage="20" keywordseo="jewellery-industry">jewellery industry</keyword>, various safety precautions it has taken across operational showrooms, and a lot more. </li></ul>The global pandemic hasn’t affected Indians' love for weddings and gold. They are coming up with out-of-the-box solutions, whether it is to organize weddings virtually and/or buy diamond studded or gold plated masks. Over the past three quarters, the value of gold has continued to accelerate. As a result, Kalyan Jewellers is now looking to increase its customer basket size by at least 30%. The brand also managed to close 10% of its annual <keyword id="126295" type="ORGANIZATION" weightage="20" keywordseo="Akshaya-Tritiya">Akshaya Tritiya</keyword> business with a unique initiative that was tailor-made for quarantine. It launched a Gold Ownership Certificate which allowed customers to purchase and own gold on Akshaya Tritiya. The certificate could be redeemed against physical gold, in the form of jewellery or coins, on or before October 31, 2020. The brand is still witnessing ‘a steady stream of footfalls’ across its operational showrooms from consumers who bought the certificate. Looking at these trends, Kalyan Jewellers’ Executive Director, Ramesh Kalyanaraman, voiced his optimism for the recovery of the sector. He shared with us how intimate weddings emerging as a trend has affected the jewellery industry, various safety precautions it has taken across operational showrooms and why the brand decided to align its marketing monnies on digital to adjust to the volatile market. Excerpts: Q. Tell us a bit about your campaign #MuharatAtHome. What is the idea behind it? What are the challenges you are facing in conducting ad shoots considering the restrictions? Weddings have always brought people together. This year, with lockdown restrictions in place during peak wedding season, it was presumed that everyone would postpone their wedding plans, but we were pleasantly surprised to see that this wasn’t the case at all. We saw families trade grand ceremonies for intimate functions, ruled by minimalism, simplicity and personalization. It is this trend of intimate weddings that our #MuhuratAtHome campaign captures. For the ad campaign we opted for an ‘at-home’ shoot with limited cast and crew, following state specified shoot protocols. As this is going to be a Pan-India campaign with multiple iterations, it was shot in three cities, with three separate teams. In each of these locations, the advertising agencies involved, followed the guidelines issued by local authorities and recreated a home-like intimate wedding set up. Q. How difficult was the lockdown period for Kalyan Jewellers? Initially it felt strange, because this was the first time in all these years that all our showrooms were shut at the same time. After a week, we realised that we will need to make good of this time, and so we started using it more productively to strategize, realign priorities and plan our next steps. For the staff, we conducted online training sessions. We also did customer outreach more as a gesture than anything else. We were actively involved in many CSR initiatives, be it collaborating with our brand ambassador Amitabh Bachchan and Sony Pictures Network. During Akshaya Tritiya, at the request of regular customers, we launched the Gold Ownership Certificate which allowed customers to purchase and own gold on Akshaya Tritiya. The certificate could be redeemed for against physical gold, in the form of jewellery or coins, on or before October 31, 2020. To our surprise, this was very well received, and we managed to do close to 10% of our annual Akshaya Tritiya business with this initiative. Q. How are your preparations for unlocking going? What are the various safety precautions you have taken across operational showrooms? We have heightened the safety and hygiene measures across our operational showrooms to safeguard the health and safety of our patrons and the community at large. All customers are given temperate checks with handheld scanners at the entrance. Customers are required to use single-use glove in the showrooms, and this is made available to them upon entry. Masks are provided to anyone who is not wearing it already. Deep cleaning of showrooms is undertaken at regular intervals through the day, and all high touch point zones like counter tops, door knobs etc. are frequently sanitized. We feel that going forward, even when the lockdown is completely lifted, these hygiene practices will become the new normal. Q. How have you observed consumer behavior changing lately? And what are some of the consumer buying trends witnessed in regions where showrooms have reopened? Over the past three quarters, we have witnessed a surge in gold prices and the value of gold, as an asset, has continued to accelerate. It is the only asset that has proved to be a promising and safe investment option for consumers across the country. In line with this, we are looking at an increase in the customer basket size by at least 30%. Furthermore, with DIY or intimate weddings emerging as a trend, the wedding-related expenses on venue booking, catering, etc. have reduced and customers have more disposable income at their end, which is now being allocated to investing in gold jewellery. Additionally, shoppers who have postponed their weddings are making purchases as planned by availing our bridal lounge facility, for a personalized shopping experience. Currently, we are witnessing a steady stream of footfalls across our operational showrooms. A segment of those footfalls are customers who are reaping the benefits of pre-booking their gold jewellery or those who purchased the Gold Ownership Certificate this Akshaya Tritiya. Some are there to exchange their older gold for newer pieces. Looking at the current trend, we are fairly optimistic about the recovery of the sector. Q. What has your marketing strategy been during the lockdown? Did you modify your media mix, with marketing investments getting shifted from one medium to another? One of the biggest trends that has emerged out of the nationwide lockdown is the huge surge in screen time spent by Indians across digital platforms. In line with this, brands have begun to align their marketing budgets towards digital, social media &amp; OTT, especially when it comes to placing new content. In line with this, we introduced temporary changes to our media mix with a more digital-centric approach. For campaigns such as #MaaTuneSonaKaDilPaya (Mother’s Day), we leveraged crowdsourced photographs from our social media community wherein some of the best moments were handpicked to feature in a campaign video. Amitabh Bachchan was the voice of the campaign, and it was well received. The #MuhuratAtHome campaign is also a result of a similar online-only strategy. Q. We are sure the future of retail and jewellery industry will never be the same. How are you making sure you opt to digital media, online selling policies and physical distancing need to help your consumer? The unique aspect to the jewellery business is the concept of privacy while shopping which has always existed. Families come together and prefer to sit together, a little away from other families that are shopping. Kalyan Jewellers’ showrooms are therefore standalone showrooms, which are either mid-size, large format or flagship showrooms, designed to allow this unique shopping practice. Our counters are also demarcated as wedding, gemstone, diamond or daily wear jewellery – which is an added advantage during these times of social distancing. (Auspicious days like Akshaya Tritiya or Dhanteras are the only times when this rule doesn’t apply.) Additionally, as mentioned earlier we have launched appointment facilities for our bridal lounge services which can be availed by wedding shoppers for a personalized shopping experience. Q. Do you think this experience will change the way you market your brand in the future? The USP of the brand will remain the same, but the channels of marketing might change. Naturally, when you change the channel, the way you communicate the same brand USP will get amended. In the coming years, we intend to focus on targeted marketing campaigns. Q. The pandemic and the lockdown has brought with it a lot of learning. What are your major learnings from this experience so far? During the lockdown, we re-evaluated many aspects of our business, and realised that with careful planning, we can cut costs under various heads, without affecting the overall performance of the business. We intend to implement this learning even going forward. With showrooms spread across the country, our senior and mid-level management used to travel extensively. Now with the lockdown rules, travel has reduced significantly, and we are managing our operations remotely. This saves both money and time. Going forward, we plan to carefully rationalise travel needs. Our marketing campaigns have also evolved post the lockdown, and we are looking at targeting online campaigns instead of larger campaigns, and this is also working well for us. Another lesson for the future.

Indians are buying more gold from the money they would otherwise have spent on big fat weddings

Mumbai, Apr 26 () The jewellery industry, which has come to a standstill due to the lockdown following the COVID-19 pandemic, is expecting complete sales washout on the day of Akshaya Tritiya on Sunday as compared to last year, even as many retailers are doling out innovative offers to attract customers. "This year Akshaya Tritiya has fallen within the lockdown 2.0, which will result in complete shutdown of jewellery shops. Whatever sales will take place will be on the digital platform only," All India Gems and Jewellery Domestic Council Chairman Anantha Padmanabhan told here. "We are expecting 97-98 per cent decline in business this year on the day of the festival compared to last year," he added. He said jewellers have come out with innovative offers to attract customers for digital purchases, including locking of prices, gold ownership certificates, among others. "Any physical delivery or purchase will happen after the lockdown. We expect the industry will gradually limp back to normalcy with May and June being extremely slow. We expect the demand to peak during Diwali," he added. Akshaya Tritiya, also known as Akha Teej, is an annual spring time festival considered auspicious in many regions (especially in the south and the west) for beginning new ventures, marriages, expensive investments such as in gold. PNG Jewellers Chairman and Managing Director Saurabh Gadgil said that for the first time ever, gold buying on Akshaya Tritiya will be completely online. "The turnout will not be like last year and jewellers are doing business by offering e-vouchers, e-certificates as physical buying and delivery at present is not possible due to the lockdown," he said. Jewellers are also offering a price-lock as gold is ruling at around Rs 48,000 per 10 grams, and will go up further as stocks will dwindle due to absence of imports on account of lockdown. Kalyan Jewellers Chairman and Managing Director T S Kalyanaraman said this year's sales cannot be compared to regular sales during Akshaya Tritiya. Unlike in the past years, Kalyan Jewellers does not have a full-fledged Akshaya Tritiya campaign this year, he said. "Over the past 25 odd years, Akshaya Tritiya has always been about buying gold at the showroom. However, this year, owing to a change in status quo with the lockdown, we have launched the 'Gold Ownership Certificate' to keep the annual gold purchase tradition going," he added. However, considering the limited time since the announcement of Kalyan Jeweller's Akshaya Tritiya offering and given the current circumstances, the company is expecting to clock about 10 per cent of its usual Akshaya Tritiya sales this year, he said. SM RVKRVK

Jewellery sector expects sales washout on Akshaya Tritiya; COVID-19 forces jewellers to go digital

Gold and gold ornaments are something integral to Indian tradition. Gold is considered as a symbol of luck, prosperity, abundance and auspiciousness. In fact people see gold as embodying Goddess Lakshmi, the goddess of wealth in it. <cmsannotation type="cmsannotation" annotationid="Indians love gold" comment="subhead" text="Indians love gold">Indians love gold</cmsannotation> Indian households take a sentimental interest in buying gold. India has recently overtaken China in becoming the largest importer of gold on the earth. People consider it auspicious to <keyword id="2329317" type="PERSON" weightage="20" keywordseo="buy-gold" source="Orion">buy gold</keyword> on festivals like Makar Sankranti, Dussehra, Navratri, Gudi Parva, <keyword id="188" type="ENTERTAINMENT" weightage="20" keywordseo="Diwali" source="Orion">Diwali</keyword>, Akshaya Tritiya and <keyword id="4067" type="COMPANY" weightage="20" keywordseo="Dhanteras" source="Orion">Dhanteras</keyword>. It is considered highly auspicious to <keyword id="8248136" type="General" weightage="20" keywordseo="buy-gold-on-dhanteras" source="Orion">buy gold on Dhanteras</keyword>. Some of the beliefs attesting this tradition are discussed here. <cmsannotation type="cmsannotation" annotationid="Shopping for gold on Dhanteras" comment="subhead" text="Shopping for gold on Dhanteras">Shopping for <keyword id="6994209" type="General" weightage="20" keywordseo="gold-on-dhanteras" source="Orion">gold on Dhanteras</keyword></cmsannotation> On the day of Dhanteras, the sale of gold reaches one of its annual peaks in India. The term Dhanteras translates as dhan (wealth) teras (thirteenth day). People buy gold bars, gold ornaments, gold coins silver coins or silver ware on this day. <cmsannotation type="cmsannotation" annotationid="The legend behind Dhanteras" comment="subhead" text="The legend behind Dhanteras">The legend behind Dhanteras</cmsannotation> Once upon a time, there was a king named Hima. He had a son of sixteen years. The king got him married to a girl. Astrologers predicted that the prince would die of snake bite on the fourth day of his marriage. This information made the king and the bride misery stricken. The bride was a clever and highly devoted girl. She hatched a plan to save the life of her husband. <cmsannotation type="cmsannotation" annotationid="Dhanteras is celebrated for the first time" comment="subhead" text="Dhanteras is celebrated for the first time">Dhanteras is celebrated for the first time</cmsannotation> On the day when the astrologers had predicted the death of the boy, the girl collected all the ornaments and gold in the palace and placed them in a heap in front of the main door. She advised the prince not to sleep and sat with him narrating some interesting stories and singing some melodious songs. The couple sat awake throughout the night. <cmsannotation type="cmsannotation" annotationid="Lord Yama arrives" comment="subhead" text="Lord Yama arrives">Lord Yama arrives</cmsannotation> During the scheduled time of taking the prince’s life, Lord Yama arrived near the palace. He took the form of a serpent which was supposed to bite the prince to death. As the serpent neared the main door of the palace, the heap of ornaments and valuables blocked its way, the dazzling brilliance of the items nearly blinded the vision of the snake. The snake could not enter the palace. Meanwhile, the snake was charmed by the melodious songs sung by the girl. Hence the snake laid there all night long listening to the songs. <cmsannotation type="cmsannotation" annotationid="The time of death lapses" comment="subhead" text="The time of death lapses">The time of death lapses</cmsannotation> The time that the planets had scheduled for the prince’s death elapsed and the serpent lost its mood to bite the prince. Lord Yama in the disguise of the snake left the house without taking the life of the prince. Thus, with her clever strategies and devotion to God, the girl could successfully save the life of the prince. <cmsannotation type="cmsannotation" annotationid="Dhanteras tradition begins" comment="subhead" text="Dhanteras tradition begins">Dhanteras tradition begins</cmsannotation> The legend of how the prince was saved from death inspired the tradition of buying gold on the day of Dhanteras. Gold is kept in puja on the day and a lamp known as Yama Deep is lit in front of the main door seeking the blessings of Lord Yama and goddess Lakshmi.

Why Indian people purchase gold on Dhanteras festival

New Delhi, May 11 () The challenging situation due to coronavirus pandemic will further push credit card transactions, a senior SBI Card official has said.He also said that now people will spend more to upgrade their homes as staying indoors is becoming inevitable."It is little early to say how the credit card industry is going to pan out. I have always been a big votary of digital payments. I think that opportunities will come back. Given whatever is the economic condition, I think transaction through credit cards will continue to see a rise," SBI Card MD and CEO Hardayal Prasad told in an interview.Assuming that the lockdown is removed in some places on May 17, the businesses will come back to normal to say about in 2-3 months, he added."After demonetisation, there was a big push towards the credit card industry, I think this (pandemic) is going to be even bigger than demonetisation."After demonetisation, cash was converted into digital (money/ transactions)...even if I get 5 per cent of that, that will be phenomenal. So, we are concentrating on what we can convert. Your cash spend can actually be your card spend. Now, if you are going to stay more time at home and you are not going out, you probably will look at more avenues also to make your house a better place," Prasad said.As people will stay more at home, they will vie for better products, may be a bigger televison set, a bigger fridge as they are not eating out and cooking at home, he added."So, we are looking at that kind of trend also to be emerging. People will feel that let's make home a better place, this is now my workplace and office as also this is the place where I live, so they will upgrade their homes if they are working (more) from homes," he said.Card spends towards travelling, staying at hotels, summer vacations, cinema and entertainment will be reduced, he said, adding the business is going to be a little challenging assuming things will get back to normal by October."Then there are lot of festivals also in between. In India, festivals play a major role in terms of spends. Looking at travel, I am told 60-80 per cent of their business happens during the summer, that will not happen now," said the CEO.However, he expressed confidence that some of the lost ground will be met as the big sales come up during winter festivals and new year.SBI Card is also looking at avenues such as co-branded cards where a lot of business proposition looks feasible, however, those with airlines will continue to see challenges for the time being.The company has co-branded card with the Apollo Hospitals group and hence people can get doctors' advice as well as pharmacy purchases online.Also, there is scope in the education sector as lot of people are now opting for online courses."Suddenly, there is massive uptick taking place in online education sector. Also, during Akshaya Tritiya, we also saw for the first time ever that there was almost Rs 5-6 crore purchase online on the jewellery side."If people are aware of the brand and products, they can do online purchases," Prasad said.SBI Cards and Payment Services Ltd, under the brand name SBI Card, has registered 28 per cent growth in credit cards to 1.05 crore in fiscal ended March 2020.SBI Card, promoted by the country's largest lender State Bank of India in a joint venture with the Carlyle Group, registered a jump of 44 per cent in its net profit to Rs 1,245 crore during 2019-20 as against Rs 865 crore in the preceding fiscal due to robust growth in cards number, spends and receivables.Improvement in cost to income ratio and fall in bad loan ratio to little over 2 per cent by March 31, 2020 also helped in posting good numbers.Recognising the unprecedented challenges in the economic situation due to COVID-19, the credit card company has created specific the virus related provision of Rs 489 crore.Prasad hoped that things may get back to track if companies move out from China to India alongside the government efforts to contain the economic fallout due to the pandemic."May be these can also propel the economy to rebound in a very strong way. So I think all these things have to be looked for some more time and to see what more the RBI and government can do so that the economy bounces back," Prasad said. KPM BALBAL

Pandemic to push credit card transactions further: SBI Card CEO

<keyword id="637909" type="UNKNOWN" weightage="20" keywordseo="Akshay-Tritya">Akshay Tritya</keyword> is around the corner and <keyword id="6354553" type="COMPANY" weightage="20" keywordseo="real-estate">real estate</keyword> developers betting big on this days to clock-in a good sale this time around. However, keeping in mind the current scenario, is it wise to invest in property across the country? 
	 
	“Akshaya Tritiya is one of those days in the year where one stands to benefit significantly from every new acquisition. And this day has been associated with the buying of gold and property since ancient times. Akshaya literally means ‘endless’,” said Kishore Pate, chairman and managing director of Amit Enterprises Housing Ltd. 
	 
	He added, “Akshaya Tritiya is a divine day for the start of any activities, most especially investments and business ventures. Property brought on this day brings with it the assurance of non-diminishing (‘akshaya’) good fortune.” 
	 According to the industry players, the beliefs of the people play an important role in the decision making process of the <keyword id="6371902" type="UNKNOWN" weightage="20" keywordseo="home-buyers">home buyers</keyword>, hence, developers offer their projects around this time. 
	 
	Besides, the consumer sentiment in the market has been low and hence builders are offering great discounts to woo more consumers. “Needless to say, the property market is kept quite busy during Akshaya Tritiya. This year, Akshaya Tritiya falls on 21st of April, both and Indian tradition and the many good deals available in this period indicate that there cannot be a better time to buy a home," he noted. 
	 
	Interestingly, the four day property expo by Maharashtra Chamber of Housing Industry (MCHI-Credai) that began on April 11, saw massive turnouts as developers offered great discounts and schemes on their projects for Akshay Tritya.

Buyers
Alert: Buy your home this Akshay Tritya?

New Delhi, Mar 25 () The nationwide lockdown for next 21 days amid spread of coronavirus will severely impact residential real estate as housing sales have almost come to a standstill, which could affect builders' cash flow and lead to default in repayment of bank loans, according to property developers and consultants. Market experts also fear that existing customers might delay payments of their instalments to developers, who in turn could default in repayment of principal and interest on bank loans. Developers may hold on to apartment rates, but prices in the secondary or resale market could fall, they said. To mitigate the impact, developers and brokers are adopting digital marketing tools to reach out to prospective home buyers. When contacted, realtors' apex body CREDAI President Satish Magar said the lockdown will greatly impact the sales transactions and new launches will be deferred. "There are chances of many customers defaulting on their instalments because of tough economic conditions. These will have a cascading effect on developers-who will be battling with servicing their debts as cash inflows will be strained," he added. NAREDCO President Niranjan Hiranandani said overall sales numbers have dropped. The lockdown has opened up opportunities for digital platforms for sales and marketing activities, as also payments, he said. Bengaluru-based Puravankara MD Ashish R. Puravankara said: "At this point, no property registrations are taking place and all new project launches are postponed". As all construction sites are under lockdown, there will be a delay in completion leading to an increase in the interest cost, he added. "Additionally the lockdown could hamper the cash flow cycle of the developers' balance sheets and could result in bank defaults", said Ashish. Anarock Chairman Anuj Puri said the lockdown will have a negative impact on housing sales and new launches during the auspicious festivals of Gudi Padwa, Akshaya Tritiya, Navratri and Ugadi. "This is a time when AV technology to enable virtual site visits and walk-throughs will gain increased relevance and use," he said. Anshuman Magazine, Chairman &amp; CEO (India, South East Asia, Middle East &amp; Africa), CBRE said: "It is too early to comment on the impact of Covid 19 given that the situation is still evolving ... We are confident that once the situation normalises, sales will resume". Dhruv Agarwala, Group CEO, Housing.com and PropTiger.com, said the lockdown will have an adverse impact on real estate. "We too have begun to see a dip in traffic on all our platforms," he said, adding that the company has come out with innovative schemes for builders and brokers to advertise on its websites. Siva Krishnan, MD (Residential Services and Developer Solutions), JLL India said the lockdown will definitely have an impact on housing sales, but briefly. Shalin Raina, MD- Residential Services, Cushman and Wakefield, said the complete lockdown means lesser sales since most of the transaction closures happen only after site visits. Housing prices have corrected by 15-20 per cent in the last few years and further decline is unlikely, Raina said. Savills India CEO Anurag Mathur said: "Housing sales may see a sharp dip for at least the next one quarter... Even if the situation settles down quickly, it may take time for homebuyers to come back to the market." "Price elasticity is not a concern under the circumstances since the transaction activity is at a standstill anyway. Depending upon the duration and depth of the current crisis, prices may or may not see a downward movement," he said. Omaxe CEO Mohit Goel said the recovery in the housing segment has been halted. "As for real estate prices, there will be no change as transactions are not taking place. The prices will resume at the level it has halted," he said. Gaurs' MD Manoj Gaur said, "The sales are impacted, but it is temporary." Supertech Chairman R K Arora said, "housing sales have completely gone". There are no buyers in the market. Pune-based Gera Developments MD Rohit Gera said, "Real estate sales are at a standstill. So far there has not been any reduction or crash in prices of homes." "In the absence of some relief from the government, more real estate developers with debt obligations will default on account of the stop in cash flows thereby impacting the economy and jobs," he added. M3M Director Pankaj Bansal said housing sales would get impacted during this period of crisis, but it would also create a pent up demand once things get back to normal. Experion Developers Senior ED Ananta Singh Raghuvanshi said, "Sales closures are temporarily getting pushed ahead. Prices won't change." Raheja Developers ED Nayan Raheja said the sales and construction are badly impacted and at standstill. ABA Corp Director Amit Modi said the sales velocity has definitely been slow. Gulshan Homz Director Deepak Kapoor said, "People are deferring property buying decisions." PropEquity MD Samir Jasuja said: "For the real estate sector, this is a tough situation as it was just finding green shoots of recovery. We believe for the next few weeks, we will not see any new transactions for housing sales". Ambience President (Sales &amp; Marketing) Ankush Kaul said: "Housing sales will be impacted for the next few weeks." Ekta World Chairman Ashok Mohanani said the lockdown has affected the business cycle deeply. Wadhwa group, Head - Sales, Marketing Bhasker Jain said the lockdown has impacted sales and the company is offering cashback on online bookings. Brokerage firm 360 Realtors Ankit Kansal said the activities have come to a standstill after lockdown. Sales were down by 30-40 per cent during the first three weeks of March. Investors Clinic Founder Honeyy Katiyal said sales would be impacted but not the price. Wealth Clinic CMD Amit Raheja said, "It will hamper sales to a large extent, but we expect a good turnaround once the situation returns to normalcy." MJH MRMR

Nationwide lockdown to impact housing sales, say realtors

<ul><li>In our latest series, we talk to brands about how they have been marketing during these adverse times, the things they have learnt and how they are preparing for the somewhat uncertain future.</li><li><keyword id="9451504" type="PERSON" weightage="20" keywordseo="ranjani-krishnaswamy">Ranjani Krishnaswamy</keyword>, General Manager - Marketing, Jewellery Division, <keyword id="2028078" type="COMPANY" weightage="20" keywordseo="Titan-Company-Limited">Titan Company Limited</keyword> believes that the future of retail and jewellery industry is secure.</li><li>She shared with us a few consumer shopping trends that point towards an optimistic growth pattern, Titan Jewellery’s unlocking plan and larger marketing strategy. </li></ul>One would assume that the pandemic has pushed consumers to prioritise food, home and shelter. However, the kind of response Titan Jewellery has seen from its audience during the lockdown proves that they are becoming more organised and want to be prepared in every field. With the volatility caused by COVID-led lockdown in the share market, consumers are turning to buy and invest in the yellow metal. Audience from metro cities, Tier I and Tier II are open to planning their long-term investments and are buying <keyword id="6379337" type="UNKNOWN" weightage="20" keywordseo="gold-jewellery">gold jewellery</keyword> to secure their future. As a result, Titan Jewellery saw 1 million visitors on its website, hinting that the market is slowly picking up its tide. To meet this demand from consumers, Titan decided to open 90% of its stores in India. The jewellery giant also upped its digital game by introducing video calling features, providing live assistance to consumers, facilitating appointment-based purchases and launching digital campaigns to help its consumers adjust to the new normal and address their queries phygitally. We further caught up with Ranjani Krishnaswamy, General Manager - Marketing, Jewellery Division, <keyword id="1824765" type="COMPANY" weightage="20" keywordseo="Titan-company">Titan Company</keyword> Limited, who is optimistic about retail and jewellery industry’s future, to understand what else the brand has in its stores for the unlocking period, a few lessons the team has learnt during the lockdown and future of retail shopping in India. Excerpts: Q. Tell us a bit about your latest campaign. What is the idea behind it? How difficult was it to execute it considering the restrictions? As a responsible brand, Tanishq believes that every little act of kindness and support is a blessing earned. This campaign brings to life the concept of blessed gold which is fondly called Dua Ka Sona. The thought of crafting a campaign relevant to the current pandemic is based on empathy as an emotion. We are not just in the business of selling jewellery but we believe in valuing the craft and craftsman equally. It’s only when our Karigars thrive, we as a business will be purposeful and wholesome in its true sense. Through this campaign, we have attempted to showcase how our efforts during this pandemic translated into blessings. Dua Ka Sona 2.0 showcases the ethical, responsible and sustainable business practices employed by the brand since its inception. With an honest attempt to give back to the society, the brand has taken sincere and proactive steps to uplift and support the lives of karigars and help them deal with the effects of covid. Understanding and quickly nurturing the needs of the Karigars and community at large, Tanishq walked the complete mile to help more than 20,000 families in every way possible. From supplying essentials and medicines to the elderly, from providing food to over 15000 karigars and migrants to arranging special financial aid, from virtual up-skilling and vocational training to enable karigars to further polish their skill sets and strict adherence to sanitize and follow safety norms is all a part of the deeper Karigar connect program which have been showcased in the campaign. As a part of the Tata group, the very fabric of goodness is ingrained in our ethos. We further extended kindness in more ways by providing essentials, PPE’s and medicines to covid warriors and communities in need, thus helping the entire value chain involved in standing together in these trying times. Given the current restrictions, it was challenging to bring together this campaign in a no travel and no shoot scenario. Having said that, we were able to achieve the right balance of emotions and acts of kindness done in the covid context by borrowing some footage from the earlier campaign. Q. How difficult was the lockdown period for Tanishq? How are your preparations for unlocking going? What are the various precautions you have taken? The lockdown was tough on all businesses but I think staying positive and keeping a focus on the changing times has helped Tanishq stay optimistic and ahead of the curve. We launched e-Akshaya Tritiya during the lockdown and received a great positive response. We had close to 1+ million visitors/browsers on our website, indicating a lot of customer interest. The ticket size online has jumped 2.5 to 3 times than our usual online average ticket size. Today almost 90% of our stores are open and Tanishq customers are at the heart of everything we do. To make jewellery shopping experience seamless for our customers we introduced new digital features like video calling, live assistance and appointment based shopping at our stores and at Tanishq.co.in. Customers have the option of getting the products delivered at their doorstep or they can choose to visit the store by booking an appointment and try out the shortlisted products. We rolled out a ‘Gold Standard’ safety ebook that reiterates company’s commitment to safety and well-being of customers and its employees at the store. It covers all staff and customer touch points, entailing numerous safety measures, including contactless shopping and strict social distancing at all times. Now that stores are open, to disinfect jewellery, Tanishq is using UV Type C Chambers, safe for all metals. Q. What has your marketing strategy been during the lockdown? Did you modify your media mix, with marketing investments getting shifted from one medium to another? The core, or sole, of the brand hasn’t changed. What obviously changed was the medium. With the changing market and consumer behaviour, largely our focus has been on enhancing our digital platforms and taking the Omni channel route for marketing. The whole strategy has been about intensifying and recognising cohorts, and to be able to talk to them through digital, through our loyalty programs, through our stores, and build a more virtual relationship with them. Q. The pandemic and the lockdown has brought with it a lot of learning. What would you say have been your major learnings from this experience so far? The current pandemic and journey that we are going through is teaching us to pause, reflect, connect and move forward with resilience and positivity. But times like these urge us to be more agile, adaptable and turn a crisis into opportunities. Being fitter, faster, and stronger will be the key to managing ourselves, our ecosystem of partners &amp; Karigars &amp; more importantly in our service to our customers. Q. The kind of communications a brand comes up with during a crisis can either help win consumer trust and endear them to the brand or work completely the other way around. How did you ensure during the last months that you stay connected with your consumers? All throughout the lockdown, we were in constant touch with our consumers to check on their well-being through empathy calls and help was mobilized with delivery of essentials and medicines to our elderly customers wherever needed! Empathy was the need of the hour and Tanishq jumped headlong into this battle with the intention of helping out wherever and however India and our extended Tanishq family needed help. A significant part of the consumer journey in jewellery has been digitised like – Video calling, Virtual try on, Live chat on our website and book an appointment. These improved our assortment on lower and middle karatage products available on the website as per consumer demand and left no stone unturned to aid our consumers make their purchases online. Q. We are sure the future of retail and jewellery industry will never be the same. How are you making sure you opt to digital media, online selling policies and physical distancing need to help your consumer? I don’t think the future looks very bleak. Shopping trends and consumer shopping trends point towards an optimistic growth pattern and it’s a positive growth. We have developed our plan based on the vision of “Fitter Faster Stronger”. Fitter means being agile and adapting to the new normal with flexibility. Faster means the speed of execution to adapt to rapidly changing consumer preferences &amp; behaviours. And stronger means to come together to reach out and help each other to build back the value chain for the jewellery industry. Digital media is one of our core platforms for consumer engagement and we have built a virtual relationship with the Tanishq community. Engagement campaigns like real golden moments, Mother's day and Jewellery cleaning posts in the last 2 months were highly engaging and gave us higher than targeted engagement percentages. Tech features like live chats and remote selling through video calls are working well for us. Our store attendants showcase the jewellery by wearing it so customers are sure of how it looks before buying it. Physical distancing has also been enabled at stores where we’ve changed layouts so not more than 1-2 customers are inside the store shopping at any given point. Safety will be key for consumers and as India’s leading only national jeweller we have created safe, tech-supported, and digitized dynamic innovative ways of shopping.

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