Yesterday was Akshaya Tritiya and the country bought 20 tonnes of gold. In currency, Rs 18,000 crore was spent in a day for the purchase of gold.
According to the bullion market, the gold purchased was less and did not match the expectations of gold retailers. The customers mainly chose to invest in gold ETFs.
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The volume of purchase was 5-7% lower than the previous year. However, the market is optimistic that the upcoming market season will also push up the sales and impact the customer buying sentiment.
As mentioned earlier, the purchases were less on Akshaya Tritiya despite schemes by gold shops like slashing of making charges and offering gold jewellery as prize for lucky buyers. The demand for gold exchange-traded funds (ETFs), jumped on both exchanges.
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Earlier in April, the gold price hit an all-time high of Rs 1 lakh for 10 gm. On Akshaya Tritiya, the retail price was around Rs 94,000 to 95,000. But quite a few purchases were investment-driven based on needs and a growing desire to hedge against further rise in prices in future.
