Akshay Tritiya: Traders Expect 25-30% Rise in Gold Sales

Sales of gold jewellery on Akshay Tritiya day tomorrow are expected to jump by 25-30 per cent compared last year on this festival day, traders body CAIT said today.

Akshya Tritiya is considered an auspicious day for buying gold, silver and other metals.

Akshay Tritiya: Traders Expect 25-30% Rise in Gold Sales

"The jewellery trade is expecting an increase of about 25-30 per cent in sales this year in comparison to sales made last year on Akshya Tritiya," Confederation of All India Traders (CAIT) said in a release.

Sharing similar views, World Gold Council (WGC) India Managing Director Somasundaram PR said in a separate release that buying behaviour is returning to "normalcy" following easing of import restrictions. "Gold is therefore set to start shining more brightly this Akshaya Tritiya."

"We believe the immediate outlook remains strong and the long term fundamentals of the gold market remain intact.

...Notwithstanding unseasonal rains impacting the rural economy this season, gold demand is expected to be strong in 2015 on the back of a resilient economy surging ahead with higher growth," he said.

CAIT National President B C Bhartia said most of the sale in gold is expected of smaller value items such as gold rings, coins, chains, bangles and others.

Many people have booked gold items with jewellers for delivery on Akshaya Tritiya.

Also read: Akshaya Tritiya: Should You Be Buying Gold On This Day?

Sales are expected to rise as there is a "positive" buying sentiment this year with gold prices ruling stable at around 26,400 per 10 grams, he added.

"It is also expected that Gold Monetisation policy announced by the Finance Minister in the Union Budget may also prompt buyers to purchase gold tomorrow and later monetise it with banks," Bhartia said.

Last year, jewellery sales remained low on the day of Akshya Tritiya due to high gold prices of about Rs. 30,000 per ten grams, restricting buyers, CAIT said.

India's gold imports surged 93.86 per cent year-on-year to $4.98 billion in March 2015 due to declining prices and easing of restrictions by the RBI, as against $2.57 billion in the same month in 2014.

PTI

Read more about: akshay tritiya, gold etf, gold funds
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