The demand for gold in India for the January-March quarter of 2016 was at 116.5 tonnes, down by 39 percent as compared to the corresponding period of the previous year, the World Gold Council said on Thursday.
In the national capital, gold of 99.9 and 99.5 percent purity moved up by Rs 100 each to Rs 29,950 and Rs 29,800 per ten grams respectively.
Marketmen said sentiment remained bearish largely in tune with a weak global trend and fading demand from jewellers and retailers at current levels at the domestic spot markets.
High gold prices dampened sales today on Akshaya Tritiya, considered auspicious to buy yellow metal, with a section of industry players putting the sales figure 20-30 percent lower than the year-ago level.
Gold prices have risen sharply in the last few days and are currently at Rs 30,100 per 10 grams in the national capital. The rates were at Rs 27,100 on Akshaya Tritiya in 2015.
World Gold Council Managing Director, India, Somasundaram PR said the buying behaviour of consumers is returning to normalcy following the jewellers resuming business after a month long protest over the excise duty.
In the national capital, gold of 99.9 and 99.5 percent purity fell by Rs 250 each to Rs 30,100 and Rs 29,950 per 10 grams, respectively.
Spot gold edged lower on Monday, but remained supported in the face of a firm dollar as investors bet a weaker US payroll report would push out the timing of any rate hike.
Amid a weakening global trend and profit-booking by speculators, gold futures traded lower by over 1 percent at Rs 30,036 per 10 gram Monday.
Jewellers expect tepid surge in sales as the gold price has shot up in the last few weeks following global cues.
Know the latest gold rate city wise on this Akshaya Tritiya.
Gold has always proved that it is the safest bet whether the economy is in reeling under recession or suffering the brunt of inflation. Since today is Akshaya Tritiya, it's considered auspicious to purchase gold as per Hindu beliefs.
Know about the few important things that you should keep in mind before purchasing the yellow metal this Akshaya Tritiya.
Though online purchase offers many advantages, some pointers must be considered before you go for it.
Know about the five best ways to invest in gold this Akshaya Tritiya.
it's important that the purchase of gold is made inside auspicious timings of the day.
Akshaya Tritiya, considered an auspicious day to buy gold, is likely to be lacklustre this time as jewellers are expecting negative marginal growth compared to last year, on the back of rising gold prices, which is ruling at over Rs 30,000 per 10 grams.
Leading stock exchanges the NSE and BSE on Monday announced extension of trading hours for Gold Exchange Traded Funds (ETFs) till 1900 hrs on May 9, on account of Akshaya Tritiya.
Online retailers including Amazon and Bluestone are betting big on gold and diamond sales and expect a big boost to their business on ‘Akshaya Tritiya’, considered as auspicious day for buying precious metals.