Jewelers saw robust gold demand this Akshaya Tritiya because prices were low and on account of profit-booking in equities. The underlying demand trend was strong after it stayed weak last year.
“Compared to last year's 17 tons, our estimate is that this year demand for gold on Akshaya Tritiya on April 28 more than doubled and would be in the range of 35-40 tons.” In 2015, 31 tons of gold was sold. While the estimate for 2014 is not available, the gold demand was the lowest that year because of stringent import restrictions.
In 2013, Akshaya Tritiya was in May, when huge imports had taken place. In April that year, 133 tons were imported and, in May it was 161 tons, and this forced the RBI to put restrictions on gold import.
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