"Traders are uncomfortable at $1,500 (an ounce). I booked for about 30 kgs from morning at $1,499-1,501 (an ounce)," said a dealer with a state-run bullion dealing bank, adding "I have advanced orders at $1,500-1,498."A stronger rupee helped cushion the rise for buyers.
Evidently, traders can't stand on their inventory any more as the Akshaya Tritiya approaches. That festival, on May 6th, typically induces a lot of retail buying as buying gold then is supposed to bring prosperity.
[Frankly, it's hard to argue against the custom from a practical point of view. Purchases for previous festivals have brought prosperity for the last ten years with respect to the gold component, and rising inflation had brought prosperity in other ways for farmers. As for city dwellers, who tend to be less swayed by tradition and ritual, they've gotten their share thanks to India's booming economy.]