Why more Indians will be rushing to buy gold this Akshaya Tritiya

Gold jewellery sale is expected to rise sharply on the occasion of Akshaya Tritiya this year, after an appreciating rupee prompted many to book a piece for delivery on the due date. A stronger rupee has meant the Indian price rise is slower than abroad. Akshaya Tritiya is on the coming Friday; it is considered one of the most auspicious occasions to buy a precious metal, primarily gold. In earlier years, people bought coins; the trend has shifted to token purchase of light jewellery, with the high prices. This year, bookings are skewed towards gold jewellery, in a price band of Rs 30,000-50,000 a piece.  Future & Option Trading Tips

Buying has been robust this season, with consumers seeing a rising rupee as an opportunity to buy gold. This is one change over recent years — from an occasional purchase, irrespective of price movement, consumers nowadays buy gold at every price dip, even without any occasion. “It was not a real Akshaya Tritiya last year, due to jewellers’ long strike ahead of this festival. While some of the jewellers and artisans came back to work, buying was not encouraging. We see a completely different trend this year. Akshaya Tritiya and the surrounding week have seen a demand increase. After all the troubles of demonetisation, sales seem to have come back. From the initial estimates, there seems a strong revival in demand. We wouldn’t be surprised to see the demand twice as much as last year,” said Somasundaram P R, managing director of the World Gold Council's arm in this country.  Financial Astrology Tips