Akshaya Tritiya: Gold prices fall ₹480 per soverign

CHENNAI: On the occasion of Akshaya Tritiya, gold prices dropped by Rs 480 per sovereign in Chennai.

A gram of 22 carat gold today costs Rs 5,605 and a sovereign Rs 44,840.

It is also reported that the price of silver has reduced by Rs 0.90 paise, costing a gram Rs. 80.40.

Akshaya Tritiya, also known as Akti or Akha Teej, is an annual Hindu and Jain spring festival.It is observed ss an auspicious day, as it signifies the third day of unending prosperity. Buying gold on this day is a tradition, as worshipping Lord Kuber this day is believed to bring prosperity

The three main varieties of retail gold are 916 gold, Hallmark gold and KDM. The first one, 916, is the same as 22 carats. It is used to denote the purity of gold in the final product.

Hallmark is the certification awarded by the Bureau of Indian Standards to ensure quality. KDM is an alloy of gold and cadmium that was purer than the traditional gold and copper alloy.

However, it was banned due to its impact on health. But the industry still uses it to denote jewellery that retains the purity of gold (hence its value) while reselling.