Dip in gold prices boosts buying on Akshaya Tritiya in Gujarat

Gold sales on 'Akshaya Tritiya',considered an auspicious day for buying the yellow metal

Gold sales on ‘Akshaya Tritiya’,considered an auspicious day for buying the yellow metal,today shot up in Gujarat as the drop in prices boosted the buying sentiment,experts said.

“The dip in gold prices on Akshaya Tritiya this year has boosted the buying sentiment. We estimate gold sales in Ahmedabad and neighbouring locations to be in excess of one tonne today,” Gems and Jewellery Trade Council of India,(Gujarat Chapter) President Shanti Patel told PTI.

The gold prices per ten grams in Gujarat remained at Rs 22,500. They have come down from a high of Rs 23,200 in the last two days,industry sources said.

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Akshaya Tritiya is observed on the third day of the Hindi month of Vaishaka and this year it fell on May 6.

“The gold sales have improved in terms of volumes on this auspicious occasion. The robust buying on this festive occasion,which was largely happening in Southern India,has caught up in Gujarat too,” said Jai Begnani said,Managing Director of ‘Forever’ chain of jewellery stores.

“A dip in the price of yellow metal here has encouraged buying,” he said.

According to Gujarat State Export Corporation (GSEC),the gold imports in Ahmedabad stood at 264.86 MT in FY 2010-11. Around 21.36 MT of gold was imported last month. GSEC,a public limited company,is engaged in export and import facilities as a merchant exporter.

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