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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SBI Mutual Funds(http://www.sbimf.com/), the joint venture between the State Bank of India, country’s largest bank and SGAM (Société Générale Asset Management, France) will be celebrating the Akshaya Tritiya week across select branches across the country from April 22, 2009 to April 28, 2009.

Mr Srinivas Jain, Chief Marketing Officer, SBI Mutual Fund said, “We are observing a discerning trend in preference for Gold ETF(Gold Exchange Traded Scheme ) as an alternate investment avenue on the eve of Akshay Tritiya. We have received queries from our investors and distributors on it being an auspicious occasion to invest in Gold ETFs,”.

The week-long celebration is thus aimed at creating awareness about the Gold Exchange Traded Scheme as an investment option amongst the investing class.

Speaking about the initiative, Mr. Achal Kumar Gupta, MD & CEO, SBI Mutual Fund, said,” On behalf of SBI Mutual Fund, I would like to wish everyone a very Happy Akshaya Tritiya. On this auspicious occasion we are celebrating the Akshaya Triitiya week across select branches, so that our customers can avail of this alternative avenue of investing in gold. Gold ETF is the most efficient way of owning Gold as it acts as an important hedge in the portfolio. Since buying gold has great significance on this day, we hope our investors will make use of this opportunity.”

SBI Gold Exchange Traded Scheme (SBI GETS), is a passively managed open ended mutual fund, which would invest in Gold and endeavor to track the price of Gold. The investment objective of the scheme is to seek to provide returns that closely correspond to returns provided by price of gold through investment in physical Gold. The launch of SBI GETS is significant as the offering comes from a premier fund house as SBI MF, which enjoys strong support and parentage of State Bank of India, the leader in banking and financial services industry in India.

SBI Gold Exchange Traded Scheme (SBI GETS) will offer you an innovative, cost-efficient and secure way to invest in Gold. Buying a single unit of SBI GETS would be equivalent to buying approximately one gram of physical Gold.

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The gold buying is expected to surge substantially in India during the Akshaya Tritiya 2009, an auspicious day for buying precious metals like gold, silver and platinum despite the higher prices that are forecasted for the yellow metal in the coming months as per the World Gold Council (WGC) .

“We are confident that on Akshaya Tritiya, consumers will make significant gold purchases as gold is an irreplaceable part of Indian culture and a unique monetary asset,” said World Gold Council (WGC), Indian Subcontinent, Managing Director Ajay Mitra.

Indian consumers could see further rise around 24 per cent in gold prices depending on the rupee-dollar movements in the coming months.

Akshaya Tritiya 2009, which falls on April 27, is considered as an auspicious day for buying precious metals like gold, silver and platinum ornaments and bars.

With Akshaya Tritiya 2009, the positive trend further encourage investors to make more gold purchase.

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This years(2009) Akshaya Tritiya will be celebrated on April 27 Monday.

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HDFC Bank presents Mudra, an offering worth its weight in gold. Mudra is a 24 Carat, 99.99% pure gold bar that you can purchase for investment or gifting.

Gold continues to be one asset that appreciates steadily. HDFC Bank now offers Pure Gold bars imported from Switzerland with an Assay certification, signifying the highest level of purity as per international standards.

More Details Visit HDFC Bank Site

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