500 kg of yellow metal was sold in Ahmedabad, 5,000 kg in Gujarat on the occasion of Akha trij.
On Friday, Ahmedabad is estimated to have bought gold worth of Rs108 crore. On the auspicious occasion of Akshay Tritiya or Akha Trij, the city witnessed sale of about 500kg of gold at the rate of Rs21,500 per 10gm. The fall in price by about Rs400 to Rs500 per 10gm seemed to have helped many.
The whole country must have seen sale of at least 50 tonnes of gold on Akha Trij and of this at least 10% is said to have been contributed by Gujarat. And of the total gold sales in Gujarat, Ahmedabad is said to have contributed around 10%. Hence, of the total sales of 50 tonnes of gold in India, Ahmedabad is estimated to have contributed 1% i.e. 500kg.
"Compared to last year, the volume may not have increased, but in terms of value the sale has gone up by 25%. Because the price fell, India bought some more gold," said bullion analyst Dharmesh Sodah.
However, Sodah expected a higher growth in sales. "Due to some reasons, till Friday evening, the sales remained same as the sales on last Akha Trij. I am expecting gold sales to remain across the country between 45 tonnes and 50 tonnes," he said.
In Ahmedabad, gold coins and light weight diamond-studded jewellery were in high demand.
"People have bought gold for occasions like marriage while some have also bought heavy jewellery depending on their budget. Even silver and diamond buying has been pretty good," said city-based bullion trader Girish Choksi.
According to Shanti Patel, president of Gem & Jewellery Trade Council of India, in value terms the amount of gold bought has definitely increased.
"In value terms, it seems to have increased. An average growth of around 10% seems to have taken place. And in terms of buying, both jewellery and bullion were in demand according to the nature of buying among the investors," said Patel.
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