Loading ...Gold demand grew 14% in value terms, but fell 8% in volumes on April 27, when Akshay Tritiya fell, from the previous year’s occasion. Data from World Gold Council, an organisation founded by the world’s major gold mining companies, pegged sales at Rs 7,280 crore, against Rs 6,359 crore in 2008.
However, the high prices of gold ensured that sales in value terms were 14 per cent higher at Rs 7,280 crore than last year’s Rs 6,395 crore, according to the World Gold Council (WGC).
A jeweller from Mumbai added that “at least 20 per cent of sales was, in fact, replacement of old jewellery.” If this is taken into account, then fresh Akshaya Tritiya sales were even lower.
On April 27, the day of the festival, which is considered an auspicious occasion to buy gold, the prices of the metal were around Rs 14,800 per 10 gm. Last year, Akshaya Tritiya was celebrated on two days across May 7-8 with prices hovering around the Rs 11,800 mark.
But an executive of WGC said that, “in the current economic scenario, the sales should be seen as a positive development as consumers spent more money compared with what they did last year on this occasion.”
Sources: Economics times , Business Standard
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