Gold sales down 11% during Akshaya Tritiya this year

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Mumbai, May 16: Gold sales during the Akshaya Trithiya were down by 11 % at 48.99 tonne compared with 55 tonne a year earlier. The gold demand was increased by 19% in value terms for the year 2008 during the festive season, World Gold Council (WGC) said.

The overall sales figures during Akshaya Tritiya released by WGC stated that the gold demand showed a notable growth of 19% in value terms with 48.99 tonne for the year 2008 during the festive season while the gold prices were at Rs 12,000 per 10 gm over 55 tonne in 2007 at Rs 9,000 per 10 gms compared to that in the corresponding period last year.

Speaking on the report, Ajay Mitra, managing director (Indian Subcontinent), WGC said, “The sales figures have been positive for gold. Large and established players selling hallmarked gold jewellery have shown an upward growth in excess of 25% while there has been a slight decline in volume terms for small family run jewellers. In value terms the growth has been quite impressive in spite of an absolute price increase of 33% over previous year same period.”

Despite volatile price movements, demand for gold during Akshaya Tritiya kept the gold markets alive. The demand for gold was quite impressive in spite of an absolute price increase of 33% over previous year during this Hindu festival.

Akshay Tritiya, which was celebrated this year on May 7 and 8, is considered an auspicious day for buying gold.

World Gold Council (WGC), a commercially-driven marketing organisation, is funded by the world’s leading gold mining companies.