New Delhi:One of India's most auspicious days to buy gold turned unexpectedly subdued this year. Record prices of the yellow metal dampened jewellery purchases on Akshaya Tritiya. Meanwhile, a section of buyers quietly shifted toward gold coins and other investment formats (like ETFs).

Gold buying on the festival -- second only to Dhanteras in cultural significance -- typically draws families to jewellery stores in large numbers. However, this time, footfalls were relatively lower.

Surendra Mehta, national secretary at the India Bullion and Jewellers Association, told Reuters that the demand was lower than usual across most of the country, barring pockets in southern states. Follow Live Updates

Notably, gold futures in India closed at Rs 1,54,609 per 10 grams on Friday -- nearly 63 per cent higher than levels seen during last year's Akshaya Tritiya. While global prices have cooled from their January peak of $5,594.82 an ounce to around $4,861, they remain historically elevated, keeping many buyers cautious.

Source:Ndtv