Customers who walked into jewellery showrooms on Friday were in for a surprise. It was one of those rare occasions when gold prices dipped on Akshaya Tritiya days when the demand is usually high.
One sovereign of 22-carat-gold consisting eight grams was priced at Rs. 22,400, which was Rs. 112 less than the Thursday’s rate. Jewellers said several showrooms across the city registered 30 per cent more sales than what they did in last year’s Akshaya Tritiya.
Members of the Madras Jewellers and Diamond Merchants Association said the prices have been fluctuating since last month. The marginal drop in international gold price and the strengthening of rupee value were cited as reasons for the dip in the prices.
Jayanthilal Challani, the association’s president said this year, the auspicious hours of Akshaya Tritiya started from Thursday afternoon and extended to Friday morning. “Several customers chose to purchase gold on Friday as it was more auspicious than Thursday. We expect the fluctuations in price to continue till the election results are announced,” he added.
