About 1,000 kg of gold and silver sold

Many jewellery showrooms across the city reported double the volume of normal sales on Wednesday on the occasion of Akshaya Tritiya, a day considered auspicious to purchase precious metals.

According to industry sources, it is estimated that nearly 6,000 kg of gold and silver products were sold across the State on Wednesday. Of this, about 1,000 kg was sold in Chennai.

The price of 22-carat gold has been escalating for four days now, and touched its highest price in six months on Thursday. One gram of gold was priced at ₹3,005 on Thursday, as against ₹ 2,992 on Wednesday. The sudden demand for the precious metal led to a surge in prices.

However, this did not deter people from making their purchase. Several shops were open from early morning till midnight.

According to members of the Madras Jewellers and Diamond Merchants Association, several jewellers reported brisk sales compared to last year when people were affected by demonetisation. Jayantilal Challani, the association’s president, said like in previous years several people opted for gold coins, which accounted for nearly 20-30% of the total sales.

Association general secretary S. Santhakumar said: “This time, several customers sought to buy hallmarked jewellery. Many people preferred silver products and it witnessed thrice the volume of usual sales. Attractive offers also brought in more customers.”