Gold Business

Gold demand in India, the world's largest consumer, rose by 27 per cent to 256.5 tonnes in the first quarter of 2013, World Gold Council said on Thursday.
The demand for the precious metal stood at 202.1 tonnes in the same quarter last year, it said.
"Gold demand in India for both jewellery and investment continues to remain strong. The price fluctuations in gold recently have only served to reinforce Indian consumers' appetite for purchasing physical gold," WGC India Managing Director Somasundaram PR told reporters in New Delhi.

Gold falls by Rs 180; sales up on Askshaya Tritiya

 

Gold prices on Monday fell by Rs 180 to Rs 27,520 per ten grams in the national capital, giving a boost to brisk retail purchase on Askshaya Tritiya and jewellers expect a 40 per cent rise in sales on this day.

Major players like P C Jewellers and Gitanjali Group are expecting total sales to increase by about 40 per cent on Askshaya Tritiya day, considered to be an auspicious day for buying gold and silver.

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"Initial report is very very positive. Footfalls were higher than last year's.
"This is because of the price fall we have seen in the last couple of weeks and also because of the Akshaya Tritiya festival," World Gold Council India Managing Director Somasundaram PR told PTI. Gold prices fell by Rs 180 to Rs 27,520 per 10 grams on Monday, while silver prices also dropped by Rs 300 to Rs 45,500 per kg taking weak global price trend.

Gold falls by Rs 180; sales up on Askshaya Tritiya

   

On expected gold sales on the auspicious day, P C Jewellers Managing Director Balram Garg said: "We are hoping 40 per cent jump in sales today as compared with last year."
City-based P P Jewellers Vice Chairman Pawan Gupta said, "Because of lower prices, we expect sales today to double from the last year's Akshaya Tritiya day."

Gold falls by Rs 180; sales up on Askshaya Tritiya

 

Traders said the falling trend in gold prices capped as retailers were making token purchases on the auspicious
occasion of "Akshya Tritiya" and retail investors shifting their funds from melting equities to bullion.
A weakening trend in overseas markets also put pressure on bullion prices, as gold in London dropped by 1.1 per cent
to $1,431.68 an ounce and silver by 1.3 per cent to $23.57 an ounce.