"We opened our shops at 6 o' clock instead of 9 o' clock today [Friday], and people were waiting outside even before," said T.K. Chandran, managing director of DKTM Jewellery Ltd., which has a chain of shops in southern India, including in the cities of Chennai and Coimbatore.Although buyers were attracted to gold, the plunge in silver tended to scare them off. That plummet engendered too much uncertainty, as a 30% drop in a week makes one wonder how much farther the gray metal will drop.
"Our sales so far this year [on Akshaya Tritiya] are already near last year's level," he said at noon, adding, the auspicious time for purchases will end about 1530 hours local time (1000 GMT)....
Ashish Pethe, a partner of Mumbai-based Waman Hari Pethe Jewellers, said he expects sales at its shops to rise about 5% this Akshaya Tritiya from last year's festival day.
Friday, May 6, 2011
Indian Physical Gold Demand Heavy On Akshaya Tritiya
According to a Wall Street Journal report, Indian gold demand was heavy for the Akshaya Tritiya festival. Anecdotal reports suggest the demand will be the same as last year, if not a little more, despite gold's price being much higher than it was on last year's Akshaya Tritiya. The plummet in gold helped, as it provided a short-term bargain for Indian buyers on that auspicious day.