The buying rush for gold began from Monday morning in India on the occasion of Akshaya Tritiya – the third day of Baisakh month of Hindu calendar – despite the soaring price.
Akshaya Tritiya is an auspicious festival of South India on which Hindus buy gold, silver or other long-term assets considering that those bring good luck and good fortune.
Like the fest of ‘Dhanterus’ - the festival of north Indian on which Hindu followers buy gold, silver, jewelry, stencils, and other metallic and long-lasting goods, considering it an auspicious act that brings prosperity – Akshya Tritiya is also the day of buying rush for gold every year.
However, the higher price of gold has kept people away from huge purchasing and they are only fulfilling the formalities of festival by light jewelry or light weight gold coins. One and two gms gold coin are more in demands. Some buyers are also asking for platinum and diamond jewelry due to higher gold price.
Today, after falling to Rs 13,700/- per ten gram the pure gold (99.99% pure) is soaring at Rs 14,720 per 10 gram in national capital Delhi, Rs 14,580 per 10 gm in Mumbai and Rs 14,650 per 10gm in Chennai.
In Kolkata, it is trading at Rs 14,850 per 10-gm, while in World Gold Council (WGC), London – the renowned international organisation – the spot price of gold is hovering around $913 per troy oz. translating to Rs 14731 per 10 gm.
Since last one year, gold that is considered as the safest means of investment has seen several ups and downs, turning into a highly volatile means of investment though it has returned a robust 24% return in one-year investment. Last year a 10 gram of gold coin was selling at Rs 11,800.
This year in February, the yellow metal breached the historical benchmark of $1000 per troy oz in WGC and then began to cool down and slipped to $870 per ounce in mid April.
To boost the sales, some retailers are giving special offers while some banks are offering special discounts like 1-5% off in labour cost in gold coins. On the ornaments, some big jewelers in Delhi are offering 10% off on making charges on branded jewelries.
In Multi Commodity Exchange (MCX), the biggest commodity stock market of India, the spot and future prices of gold was firm today due to Akshay Tritiya. The spot price of Gold was Rs 14,677 per 10 gm while MCX June Gold futures contract were traded at Rs 92 up at Rs 14716 per 10 grams.
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