Akshaya Tritiya gold sales 32% higher at noon vs 2011

Sales likely to increase by evening, ETF investment robust

Gold sales across the sector until noon, today, were already 32% higher in volume terms, than in 2010, on the same occassion, Ajay Mitra, managing director, India and Middle East, World Gold Council said.

The World Gold Council's offer, in partnership with India Post and Reliance Money also managed to woo consumers to buy gold on Akshaya Tritiya today, despite sky high prices and boosted sales across the sector.

Spot pure gold in Mumbai opened at Rs 28,760 per 10 grams, up 32.6% compared to Rs 21,685 per 10 grams in 2011.

Despite this, "The offer seems to have excited consumers." They shed their inhibitions about high prices and walked into stores and bought jewellery today led by the auspicious occassion, he said.

People buy gold bars, coins and jewellery on the occassion of Akshaya Tritiya and have a Lakshmi puja, or worship wealth at home.

According to a walk-in survey conducted by World Gold Council's officials across different cities, Mitra said, "sentiment and mood of jewellers in cities like Mumbai, Chennai, Hyderabad was very positive."

Investment in gold Exchange traded funds also looks robust this year. "A number of investors opened their DMAT accounts today. Many new gold portfolios have been also created," Mitra said.

"Growth in investment of gold ETF's looks very healthy and the trend from last year is likely to continue." Investment in gold ETF's in the first quarter of 2012 has been seen a significant rise compared to investment in futures, a  report stating quarterly statistics commentry from WGC, said. 

Today, the turnover on gold ETFs in the National Stock Exchange and Bombay Stock Exchange stood at Rs 608.68 crore and Rs 16.42 crore, respectively.