Gold eases on eve of Akshya Tritiya festival

Gold prices declined by Rs 30 to Rs 18,340 per ten grams today as retail customers postponed their buying till tomorrow's auspicious 'Akshiya Tritiya' festival, even as prices remained perched at record levels in international markets over the past week.

Gold prices declined by Rs 30 to Rs 18,340 per ten grams today as retail customers postponed their buying till tomorrow's auspicious 'Akshiya Tritiya' festival, even as prices remained perched at record levels in international markets over the past week.

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Gold prices which had surged to near record levels in the last one-week, dipped slightly on the eve of Akshiya Tritiya, considered an auspicious occasion in Hindu mythology for making token purchases for lasting prosperity.

Marketmen said despite gold prices climbing to near all-time high levels in the past week, jewellers still expect buying activity to double tomorrow.

"We are still hopeful of a rise in demand for gold on the festival tomorrow on religious grounds, even as the prices reach close to record high levels," said Pawan Gupta of P P
Jewellers.

However, a few other market experts were of the opinion that the gold prices were more closely linked to international trends.

"There may be little buying for the festival, but prices reaching beyond existing levels might hamper the activity," said All India Sarafa (Bullion) Merchant Association President Sheel Chand Jain.