Buoyant gold sales on Akshaya Tritiya cheer markets

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Mumbai, April 28 (IANS) Buoyant gold sales on Akshaya Tritiya brought cheer to jewellers in Mumbai and elsewhere in the country as customers thronged retail outlets to make their customary festive purchases on Friday.

All India Gems and Jewellery Federation (AIGJF) President Nitin Khandelwal said the trend started since Gudi Padva in March continued owing to the ongoing marriage season.

“There are significant crowds in jewellery shops all over and people, more than 75 percent are opting for big and small items of gold jewelleries,” Khandelwal told IANS.

Mumbai Jewellers Federation President Rakesh Shetty said that given the crowds especially in suburbs, the gold sales could surpass even the Gudi Padva sales.

“Today, the gold prices are Rs.29,300 in Mumbai, coming down over the past few weeks which has encouraged customers. They are coming out to buy both jewellery and coins,” Shetty told IANS.

RiddhiSiddhi Bullions Ltd director Prithviraj Kothari said that globally, if the current elevated levels of tensions continue in Syria and North Korea, then gold will retain its “safe haven” appeal.

He pointed out that gold imports to India rose upto $40 billion by March indicating that Indian dealers/traders have replenished their stocks in anticipation of the demands during the marriage season and Akshaya Tritiya.

–IANS

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