Gold sales expected to remain muted this Akshaya Tritiya as prices soar

The precious metal hits 16-month high, consumers abstain from fresh purchase amid expectations of price decline

Gold sales are likely to remain muted during the Akshaya Tritiya festival on April 18this year, because of rising prices and uncertainty over jewellery hallmarking, which is now mandatory.

Prices of the precious metal are at a 16-month high in local markets, trading at Rs 30,970 for 10 grams on Tuesday. Rising prices are now preventing buyers from making fresh purchases.

Since the last Akshaya Tritiya, on April 28, 2017, gold prices have risen more than 7 per cent from Rs 28,925 per 10 grams.

According to estimates of industry experts, during Akshaya Tritiya this year they will sell less