Jewellers forced to stock up gold for Akshaya Trititya festival

Akshaya Trititya festival has made jewellers to stock up gold ahead of this key festival. This has led to the increase in the gold prices in other parts of Asia.

Akshaya Trititya festival is celebrated in the last week of April in India. This festival is considered to be a key festival since the buying of gold by Indian people during this day is considered to be auspicious.

Higher prices of gold has kept bullion demand in check in other places of Asia where they are mainly traded.

"Jewellers are anticipating good retail demand during Akshaya Trititya. They are quite active in the market this week," said Daman Prakash Rathod, a director at MNC Bullion, a wholesaler in Chennai.

Dealers in India are expecting good demand in the rural areas of India due to good monsoon rains. This is considered to be one the reason why there was a sudden apparent increase in the import of gold in the last three months.

Leading jewellery stores in Chennai like Lalitha Jewellery, Malabar Gold and Diamonds, Joyalukkas, Jos Alukkas, GRT Jewellers, Tanishq, Nathella, VBG are expected to announce their Akshaya Trititya festival offers in the upcoming days.

This article was posted on 22-Apr-2017.

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International Gold Prices

Metal USD SGD INR GBP EUR Updated On
Gold 1,282.35 / 1oz 1,785.29 / 1oz 85,764.08 / 1oz 1,024.98 / 1oz 1,025.50 / 1oz September 26, 2017