Gold sales on Akshay Tritiya this year went up 75% compared to those on the same occasion last year.
Akshay Tritiya, which was celebrated on Tuesday, is known as an auspicious occasion to buy precious metals, especially gold.
The heavy demand led to a spike in the price of gold, which closed at Rs. 28,885 per 10 gm on Tuesday, up Rs. 250 from the closing rate on Monday.
Jewellers said that during the day, the price even crossed Rs. 29,100 per 10 gm because of heavy demand.
“The demand was high because people could not buy gold on Gudi Padwa [March 23], another auspicious day, because of the jewellers’ strike,” said Kumar Jain, vice president of Mumbai Jewellers’ Association.
Jewellers said that while many people bought gold across the counter, some had placed orders in advance.
“I had ordered a necklace, bracelet and bangle for my wife a few days ago and took the delivery on the auspicious day of Akshay Tritiya,” said Bharat Bafna, a resident of Grant Road. Price does not matter on such days, he said. Jewellers were happy with the sale on Tuesday, as they had suffered huge losses because of the 20-day nationwide strike.