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Indians to Buy 2.5 Million Ounces of Gold Tomorrow

Written By Luke Burgess

Posted May 7, 2008


India will see the highest gold sales of the year tomorrow when thousands of people will go on a gold shopping spree for Akshaya Tritiya, the birthday of Lord Parasurama, the sixth incarnation of Lord Vishnu.

During the celebration, Hindus conduct special prayers and ceremonies, bathe in holy rivers, make charity donations, offer barley in a sacred fire, and worship Lord Ganesha and Devi Lakshmi. Tradition says that initiations made or valuables bought on this day are considered to bring success or good fortune.

Buying gold, the ultimate symbol of wealth and prosperity, is a popular activity on Akshaya Tritiya. Gold and gold jewelry bought and worn on this day signify never diminishing good fortune.

Last year, gold sales touched 55 tonnes during Akshaya Tritiya. This year sales are expected to increase significantly by 27% to 70 tonnes, about 2.5 million ounces, despite higher bullion prices.

Estimates show that roughly 5% of India’s total gold consumption of about 750 tonnes is sold on this auspicious day alone.

– luke