Gold price dips on Akshaya Tritiya; jewellery sales increase 10-20%
Gold jewellery sales are estimated to have risen by 10-20 per cent on the auspicious day of 'Akshaya Tritiya' on Tuesday, even as the precious metal's price fell in all major cities by around Rs 100 per 10 grams.
Jewellers and bullion traders said retail demand remained robust in most parts of the country as prices have declined by about 10 per cent from last year's 'Akshaya Tritiya', which is considered an auspicious day to buy gold.
In South India, which contributes about 60 per cent of total sales on this day, gold sales remained brisk. In some parts of the country, good demand was seen for diamonds as well due to less price volatility, jewellers said.
In the National Capital, gold prices fell by Rs 100 to Rs 27,100 per 10 grams. Similar was the trend in other cities. Delhi-based Khanna Jewellers' Chairman Vijay Khanna said sales are up by 10-15 per cent and are better than last year.
“Jewellery sales are 12 per cent higher on year-to-year basis as prices are down by 10 per cent at Rs 26,800 per 10 grams today as compared with Rs 30,200 per 10 grams in the year-ago,” Mumbai-based All India Gems and Jewellery Trade Federation Chairman Manish Jain informed.