Gold down despite heavy buying on Akshaya Tritiya

Even as buying activity remained high on the auspicious day of 'Akshaya Tritiya', both the precious metals tumbled today on weak global cues. Silver nose-dived by Rs 6,000 to Rs 53,200 per kg and gold plummeted by Rs 225 to Rs 22,120 per 10 grams.

Retail customers resorted to active gold buying to mark the day of Akshaya Triitya, considered to be an auspicious occasion in Hindu mythology to make token purchases.

Traders said the demand among retailers for the festival had hardly any impact of the sliding precious metals prices despite the ongoing weakening trend in domestic as well as overseas markets.

"The weakening trend has hardly impacted retailers activity as they are dedicatedly making token buying in gold on every fall in the market," said Suresh Verma, a Delhi-based jeweller.