Gold falls by Rs 180;brisk sales seen on Askshaya Tritiya

Gold prices today fell by Rs 180 to Rs 27,520 per ten grams in the national capital today, giving a boost to brisk retail purchase on Askshaya Tritiya and jewellers expect a 40 per cent rise in sales on this day.
Major players like P C Jewellers and Gitanjali Group are expecting total sales to increase by about 40 per cent on Askshaya Tritiya day, considered to be an auspicious day for buying gold and silver.
"Initial report is very very positive. Footfalls were higher than last year's. This is because of the price fall we have seen in the last couple of weeks and also because of the Akshaya Tritiya festival," World Gold Council India Managing Director Somasundaram PR told PTI.

Gold prices fell by Rs 180 to Rs 27,520 per ten grams today, while silver prices also dropped by Rs 300 to Rs 45,500 per kg taking weak global price trend.
Gold prices have fallen by 5.4 per cent since the last year's Akshaya Tritiya day on April 24, when gold rate was Rs 29,100 per ten grams.
Traders and market experts said there were higher footfalls in most of the jewellery shops and MMTC counters. Some retail consumers were involved in token buying, while others were taking orders for marriage demand.

"Retail consumers are buying especially today keeping the significance of the festival. Much of the gold buying took place in the last 15 days when prices fell significantly," Bullion and Jewellery Association President Ram Avatar Verma told PTI.

Chandini Chowk, the hub of bullion trade, witnessed a mad rush for buying gold on the occasion. Most of them were purchasing gold jewellery, he said.
On expected gold sales on the auspicious day, P C Jewellers Managing Director Balram Garg said: "We are hoping 40 per cent jump in sales today as compared with last year."
City-based P P Jewellers Vice Chairman Pawan Gupta said, "Because of lower prices, we expect sales today to double from the last year's Akshaya Tritiya day.