The Akshaya Tritiya festival has helped boost retail gold sale volumes in the Gulf region by 11 per cent compared to the previous year, despite high bullion prices.
The World Gold Council (WGC) said that more than 720 kg of gold, worth around $30 million, was sold in the Gulf region during the one-day festival on Sunday. WGC data showed that there was 12 per cent increase in sales revenue compared to the same day last year.
Spot gold rallied by nearly 6 per cent in April, its largest monthly gain in five months.
Dubai's gold sales also showed signs of a slight improvement in the volume of April sales as summer vacations prompted more expat gift buying.
During the festival, the demand was mostly for 22 karat gold and coins.