Gold prices up on account of Akshaya Tritiya

Gold prices inched up marginally on Friday on account of buying due to the auspicious ocassion of Akshaya Tritiya.

According to available data, prices of standard gold inched up by Rs 120 to close at 28,925 per 10 grams, while pure gold also ended up with similar gains at Rs 29,075 per 10 grams (up Rs 120 from the previous close). This is the second straight day of gains for gold after three straight days of losses.

Retailers witnessed good footfalls throughout the day and are confident  of a good revenue growth on account of Akshaya Tritiya. “We opened our showrooms at  8 am and are keeping it open till 10 pm on account of Akshaya Tritiya. As far as demand is concerned, we are seeing a better demand for studded ornaments including diamond and precious uncut diamonds,” Kalyan Jewellers Executive Director Ramesh Kalyanaraman said.

“As far as revenues are concerned, we expect a 10-15% increase as compared to the same season last year,” Kalyanaraman added.

PC Jewellers’ Sanjeev Bhatia said that the impact of demonetisation has very much waned out due to which people are flocking to jewellers.