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Gold 'a very good investment'

Gold experts in India have backed gold as an excellent investment, despite recent consolidation in prices, it has been reported.

According to the Economic Times, analysts have cited the Akshaya Tritiya festival and its resulting demand, as well as the current volatile global economy, as reasons for investment in gold to increase in the coming months.

In addition, it has been underlined that purchases could greatly increase in value due to a decrease in global supply of the precious metal.

Vivek Kanwar of the ICICI Bank said that he has a bullish viewpoint on the status of gold for this year.

"We expect a 40 per cent increase in our sale of gold compared to last year, wherein we sold 600 kgs of gold during [Akshaya Tritiya]. We think, personally, that gold is a very good investment in these inflationary times," he said, according to the Economic Times.

Akshaya Tritiya is one of the four most auspicious days of the year for Hindus and is believed to bring good luck and success. It is particularly considered auspicious for buying long term assets like gold and silver.

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