Fewer sales on Akshaya Tritiya day due to gold price
Posted on: 07/May/2016 12:59:19 PM
Gold merchants have mentioned that since the gold rates are soaring high there will be fewer sales on Akshaya Tritiya day.
Akshaya Tritiya day is considered as auspicious day to buy gold. During the first week of February, 10 grams gold was sold for Rs 26,930. Not is sold for Rs 30, 050. On Akshaya Tritiya which falls on May 9 it is expected that there will be marginal rise in sales compared to last year.
At the same time the sales will be fewer as the prices are ruling very high and due to the present dry weather conditions in the country. Because of this, people will go for gold with lesser weight.
The consumer demand might witness a negative growth of about 10 per cent, but in value terms it is likely to be at par with last year`s sales.
However, World Gold Council (WGC) MD Somasundaram PR felt that there will be sharp hike in demand during Akshaya Tritiya, where wedding jewellery as well as investment-related items like coins, bars will also move fast.
