"It would be fair to say that this (Akshaya Tritiya) is the most favourable time to buy gold," it said in a statement. At present, gold prices are ruling at Rs 14,300 per 10 gram in the domestic market. "We are confident that on Akshaya Tritiya, consumers will make significant gold purchases as gold is an irreplaceable part of Indian culture and a unique monetary asset," said World Gold Council (WGC), Indian Subcontinent, Managing Director Ajay Mitra. Akshaya Tritiya, which falls on April 27, is considered auspicious for buying gold and silver. Quoting a recent GFMS gold survey, the WGC said gold could easily rebound to the 1,000 dollar per ounce mark, with an added expectation of crossing the 1,100 dollar per ounce barrier in the coming months. Mitra said, "While the current economic conditions may have dwindled returns from other forms of investment, Indian housewives who have been passionate gold investors are still reaping high returns". According to the WGD data, gold has provided an annual average return of 26 per cent over the past decade. Returns from gold during the first quarter of 2009 stood at 17 per cent, he said. "With Akshaya Tritiya round the corner, this positive trend further encourages housewives to make gold purchase at this opportune time in the year," WGC said. During the first quarter of 2009, the average price of gold remained at Rs 14,180 per 10 gram, compared with Rs 12,147 per 10 gram in a year-ago period, it added.
