The occasion of Akshaya Tritiya in India proved to be good day for gold dealers in the country. The day is known as auspicious occasion to buy gold. The overall trend in gold sale showed 25-30 percent increase as per the data by CAIT, a gold trader’s body. Other precious metals like silver also showed a similar trend of sales growth.
Confederation of All India Traders said that this year business is expecting 25-30 percent growth as compared to last years sale on the occasion of Akshaya Tritiya. Managing Director Somasundaram PR from World Gold Council’s India chapter informed the press that the ease in import restrictions has resulted in the enthusiastic atmosphere. Akshaya Tritiya is making gold shine more than ever before. Long term foundations of the gold market will remain unchanged along with the outlook of the industry. Though unseasonal rains are affecting the rural regions of India, which may trigger in lower disposable incomes, the gold demand is expected to increase in the present financial year. The last quarter will lead us to the stronger demand in the next one, Somasundaram PR informed.
National President B C Bhartia from CAIT said that the smaller value items such as gold rings, chains, bangles and other are driving this sales growth in the economy. A Large number of customers booked gold jewellery in advance for the delivery on the Akshaya Tritiya. There is the positive sentiment in the Indian economy this year which may increase buying and gold prices will remain stable around 26,400 per 10 grams.