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According to the Hindu calendar, Akshaya Tritiya is auspicious day for starting new venture, buying gold and one of the most auspicious days for weddings. Meanwhile all marriage halls, caterers, decorators, shamiyanas, mehendi artistes in the city have their hands full. Sources said considering the huge demand some of the event organizers are charging more for their services. Buying gold is a popular activity on Akshaya Tritiya, as it is the ultimate symbol of wealth and prosperity. Gold and gold jewelry bought and worn on this day signify never diminishing good fortune.
Though gold prices are lower than the record high of Rs 18,300 for 10 grams recorded in December last year, the demand will revive only if it trades between Rs 16,500 and Rs 17,000 for 10 grams level. We expect sales on Akshaya Tritiya to be higher in terms of value, but much lower volume-wise, said Mr Prithviraj Kothari, Director, Riddhi Siddhi Bullions.
The recent sharp spike in gold prices may spoil the party for investors in gold during Akshaya Tritiya. Prices are substantially higher compared with last year's Akshaya Tritiya. Jewellery demand is expected to taper off or stay flat at the current levels due to sharp rise in prices ahead of Akshaya Tritiya this year.
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. Buying gold is a popular activity on Akshaya Tritiya, as it is the ultimate symbol of wealth and prosperity. Akshaya Tritiya falls on May 16,2010 Sunday.
