“Demand is growing as more people are coming to purchase gold during this auspicious period,” Ashish Pethe, partner at Waman Hari Pethe Jeweller, said in the article. “Normally, jewelry sales account for 90%, and coins and bars the rest. However, today we expect the share of coins and bars to increase to as much as 20%.”
Friday, May 2 marked the start of Akshaya Tritiya, a holy day for Hindus. It is considered a very lucky day to start new businesses or investments on this day, which prompted many to buy gold or property.
India is the world’s second largest consumer of gold, with the World Gold Council projecting the country to acquire 900 to 1,000 metric tons this year.
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Max Chen contributed to this article. Tom Lydon’s clients own shares of GLD.