May 12, 2013 – Jewelers and physical gold sellers in India are anticipating record sales on Monday, the Hindu holiday Akshay Tritiy, reported India’s Daily News & Analysis.

The Akshay Tritiy holiday is believed to be an auspicious day, and Hindi believe that new endeavors begun on this day are to blessed. In recent years jewelers have successfully introduced a tradition of gold buying. With the recent drop in the price of gold in mid-April, experts expect demand to reach new highs.

“The market has been stable for almost a month now. We hope sales to be more than what it was last year on Akshay Tritiya, by at least 30%,” said Dinesh Jain, the owner of five jewelry stores and the former director of an Indian trade association. 

“Gold prices are lower than what it was two months back — almost 500 rupees less. People will surely rush to buy gold. Each year on Akshay Tritiya, we sell about 450 kilograms of gold. This year it will easily be a ton or even more.”

Buying gold is believed to bring good fortune.

In the month since April 15 when the price of gold dropped dramatically, demand for physical gold has shot up in India, China, Japan and the U.S. Gold jewelry and gold coins have both been popular options, and some retailers found themselves without inventory as demand for gold outstripped the supply from their pipeline.