Indians 'flocking to Buy Gold' for Akshaya Tritiya festival

Indians began the rush to Buy Gold yesterday (April 27th) as the Akshaya Tritiya festival arrived in the country.

The festival, which falls on the third day of the Baisakh month of the Hindu calendar, is characterised by strong purchases of long-term assets which are believed to bring good fortune.

Gurvinder Kumar from Tanishq Jewellers in Calcutta noted that consumers will be looking to snap up as much of the yellow metal as possible, particularly in the turbulent economic climate at present.

"Akha Teej or Akshay Tritiya is special to all the people. It is considered whatever you buy today multiplies hence, [so] people want to buy gold on the day," he told the Telegraph.

"Gold is relatively [more] stable than shares and mutual funds in the current economic situation. No wonder we sold so much gold on this day and during [the] recession."

That view was echoed by Vonid Hayagriv, chairman of the Gem and Jewelry Trade Federation, who explained that jewellers are likely to experience year-on-year sales increases during the festival.

"We should also witness around 20 percent jump in sales this year as compared to previous year on this occasion," Mr. Hayagriv, who is also managing director of Bangalore-based C Krishnaniah Chetty and Sons, told the Economic Times.

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