Gold sale up 14 percent on Akshaya Tritiya

April 30th, 2009 - 3:53 pm ICT by IANS  

Mumbai, April 30 (IANS) Gold sales across the country zoomed 14 percent in value terms April 27, this year’s Akshaya Tritiya, compared to the auspicious day last year, the World Gold Council (WGC) announced here Thursday.
Akshaya Tritiya is an auspicious day according to the Hindu calendar for buying long-term assets like gold and silver, including ornaments made of the same, diamond and other precious stones, and real estate.

Displaying confidence in the yellow metal, consumers invested around Rs.7,280 crore in gold worth last Monday, said Ajay Mitra, managing director of WGC-India.

Last year, when Akshaya Tritiya was celebrated for two days (May 7-8), gold sales stood at Rs.6,359 crore, showing an increase of 14 percent.

This was despite the high gold price - Rs.14,700 per 10 gram - compared to Rs.11,800 per 10 gram last year.

However, the total volume of sales stood at 45 tonnes this year as against last year’s 45.9 tonnes, the WGC said.

“The sales have been very positive and in value terms, the growth has been impressive despite the 25 percent higher prices this year. Moreover, large and established players selling hallmarked jewellery have performed better than the rest of the market,” Mitra noted.

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