Last year, gold took a huge beating. Its prices plunged, going down in history as the third-worst decline since 1975.
But in 2014, the tide started to change and gold prices are inching their way up, restoring its glory as the most sought-after precious metal on the planet. However, prices are still low for those looking to buy the precious metal - people who buy jewellery to squirrel away some savings for a rainy day.
With many looking forward to Akshaya Tritiya, which falls on May 2 this year, jewellery shop owners are a busy lot.
Director of Abiraame Jewellers Ramanathan Palaniappan said: "We usually get almost two or three times the usual crowd on Akshaya Tritiya and this year we are expecting even more. Many people have already paid deposits and confirmed the booking of the gold and diamond ornaments of their choice a few months in advance this year."
Last year's fall in gold prices was a result of big investors shifting their purchases from gold to other riskier assets. This, paired with their overconfidence in the global economic recovery, brought about the substantially large difference in gold price.
However, this proved to be a boon to people who wanted to buy gold jewellery and gold demand shot up as a result.
According to the World Gold Council, there was a 17 per cent increase in gold jewellery demand and 28 per cent increase in the demand for gold bars and coins last year.
While India, known to have the world's largest market for gold, was surpassed by China last year, the majority of the global gold demand, accounting for 53 per cent, still came collectively from the Indian and Chinese markets. But as demand grew, the price also started to make its way up. However, the price increase slowed due to inflation in the US markets and the continuing tension between Russia and Ukraine.
That has resulted in demand for gold keeping a steady pace and an opportunity for people to buy more.