Retailers believe high prices of gold would not affect Akshaya Tritiya

Akshaya Tritiya 2010 is on May 16, 2010. It is an auspicious day according to the Hindu religion. Many people buy gold on this day as it is believed to bring good luck.

Akshaya Tritiya also known as Akha Teej is a Hindu holy day. “Akshaya” is a Sanskrit word which means never diminishing. It falls in the month of Vaishakha. The day is believed to be ruled by god Vishnu.

In the last week, price of gold observed an unprecedented rise in the International which also affected the Indian gold market. On May 15, 2010, gold prices declined by Rs.30 to Rs.18, 340 per ten grams. In Mumbai, gold of 99.95% purity is priced at Rs 18,325 per 10 gm.

Still, retailers are hopeful that buying activity would increase 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.

Many business ventures also start on Akshaya Tritiya because it is believed that they would become very much successful in future. God Kubera, the treasurer of the gods, is the richest deity and on this day Kubera prays to goddess Lakshmi and consort of Vishnu. On this day, Kubera Lakshmi Puja is performed.