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Indian gold sales fall 11% during Akshaya Tritiya this year

Posted on May 16, 2008

Thomson Financial reports: India gold sales during the May 7-8 Akshaya Tritiya festival, considered an auspicious time to buy gold, were lower by 11% at 48.99 tonnes against 55 tonnes in 2007, according to the World Gold Council (WGC). The council said that gold prices during the Hindu festival were 12,000 rupees per 10 grams against 9,000 rupees during the festival last year. The international gold price was in the $870s compared to $680s in 2007. The fall in gold sales occurred despite India s leading bullion trader, MMTC, selling jewellery worth Rs 13 crore ($3 million) during the festiva...

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