In India there is a gradual increase in the premium for gold, the demand is increasing thanks to the upcoming Akshay Tritiya festival in April. According to local media reports, the price for the immediate delivery of gold in the Indian capital was approximately $ 5 higher than the London spot prices, although some publications cite data on the price increase of $ 2 in some locations. The gold market begins to intensify, as the jewelers begin preparations for the celebration. However, some experts have expressed concerns that off-season rains will have a significant impact on demand in rural areas of the country. This fact worries local jewelers, as the demand for jewelry from gold from rural residents reaches 60% of the total domestic sales.
In Mumbai, the demand for gold raised the premiums by $ 7-8 in anticipation of Akshaya Tritiya. This festival is considered one of the most favorable periods in order to present a gift of gold. According to experts, more than 60 tons of gold could be imported into the country in March and 55 tons in February to ensure demand on the eve of the festival.