Gold falls by Rs 180; sales up on Askshaya Tritiya

Gold prices on Monday fell by Rs 180 to Rs 27,520 per ten grams in the national capital, giving a boost to brisk retail purchase on Askshaya Tritiya and jewellers expect a 40 per cent rise in sales on this day.

Major players like P C Jewellers and Gitanjali Group are expecting total sales to increase by about 40 per cent on Askshaya Tritiya day, considered to be an auspicious day for buying gold and silver.

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"Initial report is very very positive. Footfalls were higher than last year's.

Gold prices fell by Rs 180 to Rs 27,520 per 10 grams on Monday, while silver prices also dropped by Rs 300 to Rs 45,500 per kg taking weak global price trend.

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Gold prices have fallen by 5.4 per cent since the last year's Akshaya Tritiya day on April 24, when gold rate was Rs 29,100 per 10 grams.

Traders and market experts said there were higher footfalls in most of the jewellery shops and MMTC counters.

Some retail consumers were involved in token buying, while others were taking orders for marriage demand.

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"Retail consumers are buying especially today keeping the significance of the festival. Much of the gold buying took place in the last 15 days when prices fell significantly," Bullion and Jewellery Association President Ram Avatar Verma told PTI.

Chandini Chowk, the hub of bullion trade, witnessed a mad rush for buying gold on the occasion.

Most of them were purchasing gold jewellery, he said.

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On expected gold sales on the auspicious day, P C Jewellers Managing Director Balram Garg said: "We are hoping 40 per cent jump in sales today as compared with last year."

City-based P P Jewellers Vice Chairman Pawan Gupta said, "Because of lower prices, we expect sales today to double from the last year's Akshaya Tritiya day."

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Traders said the falling trend in gold prices capped as retailers were making token purchases on the auspicious
occasion of "Akshya Tritiya" and retail investors shifting their funds from melting equities to bullion.

A weakening trend in overseas markets also put pressure on bullion prices, as gold in London dropped by 1.1 per cent
to $1,431.68 an ounce and silver by 1.3 per cent to $23.57 an ounce.

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In the national capital, gold of 99.9 and 99.5 per cent purity fell further by Rs 180 each to Rs 27,520 and Rs 27,320
per 10 gm, respectively.

The yellow metal had lost Rs 150 in the previous two sessions. Sovereign, however, held steady at
Rs 23,900 per piece of eight gram on festival demand.

Silver ready declined by Rs 300 to Rs 45,500 per kg and weekly-based delivery by Rs 320 to Rs 44,920 per kg. Silver
coins held steady at Rs 75,000 for buying and Rs 76,000 for selling of 100 pieces in scattered deals.