Gold News

Gold festival 'could increase demand'

Gold buying could jump in India as Akshaya Tritiya, the country's biggest gold purchasing festival, approaches, reports Reuters.

The event, which fell on April 17th in 2007 but is on May 7th this year, could see an increase in buying, according to some industry insiders. In turn, this could push prices for the precious metal up as demand outstrips supply.

Kumar Shivram, vice president of the World Gold Council in Chennai, said that he is optimistic about this year's buying.

"A five to ten per cent rise in sales over 80 to 90 tons of gold that was sold last year for Akshaya Tritiya is likely," he said, according to Reuters.

Sanjeev Mohan of Prathibha Jewelry in Bangalore was equally positive, saying that the outlet could see up to 5,000 buyers as part of this year's festivities.

Akshaya Tritiya is considered auspicious for buying long-term assets like gold and silver. The legend states that any venture initiated on the day of Akshaya Tritiya will continue to grow and bring prosperity.

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