Source : Reuters May 07 2010 , Mumbai
Gold sales for the critical Akshaya Tritiya festival this month may drop by more
than half as prices stay close to their lifetime highs, a senior official at the
country's biggest industry association told Reuters.
Gold consumers may buy about 20 tonnes of the precious metal on the day of the festival that falls on May 16, less than half of the 45 tonnes they bought last year, Prithviraj Kothari, director with Bombay Bullion Association said on Friday.
"Looking at the prices, if they want to buy 10 grams, they will now buy 5 grams for the festival," he said.
The Akshaya Tritiya festival is one of the two most auspicious days of the year to buy the yellow metal in the world's largest gold market, as Hindus believe they can get lasting prosperity by buying precious metals on the day. The other festival is Dhanteras in November.
Gold futures , which touched a record high of 18,294 rupees per 10 grams on Dec. 3 last year. The contract has gained over 9 percent since April and last traded at 17,858 rupees per 10 grams.
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