For the first time in four sessions, 14 May witnessed an increase in gold. This was assisted by a softer dollar. As well, a somewhat unexpected increase in the US retail sales last month enhanced the notion that America’s economy remains buoyant. The precious metal reached a peak of $1,444.96 an ounce and stood at $1,440.66 by 0419 GMT, up $10.61.
However, this has not been the general trend. New Delhi witnessed a drop of almost Rs 400 which boosted retail purchase for jewelers reporting around a 15 percent increase in sales. Indeed, there was a substantial amount of gold purchasing on Akshaya Tritiya Day, which is seen as “an auspicious day for buying gold and silver.” There was also an increase of 14 percent in gold EFTs on NSE Monday.