CHENNAI: With two days left for Akshaya Tritiya, the price of gold has reduced by Rs 350/gram in one week. Last Tuesday, a gram was sold for Rs 9,290 (Rs 74,320/sovereign), which fell to Rs 8,940/gram this Monday.
“Uncertainty in the gold price in the US and world economies lead to fluctuations, which will continue,” said Gold Guru Santhakumar, secretary of Madras Jewellers and Diamond Traders Association.
Akshaya Tritiya, an auspicious day for purchasing gold, falls on April 30 this year. “The fluctuations don’t have any connection to Akshaya Tritiya as its fully dependent on international markets. Currently, the rate is down, as the tariff war has reduced, and gold investment from China has decreased. Since the prices are, down, we’re expecting good sales on Akshaya Tritiya,” smiled B Sabarinath, president of Tamil Nadu Jewellers Federation.