India 08 Akshaya Tritiya gold

REUTERS, MUMBAI - India's gold sales during the Akshaya Tritiya festival was at 48.99 tonnes this year, down 11 percent compared to last year, the World Gold Council said in a statement on Thursday.

The festival, more popular in south India when many Hindus buy gold to invoke prosperity, fell on May 7 and May 8.

High gold prices and high inflation are being blamed by gold sellers for the poor sales of the metal this year.

On Thursday, ICICI Bank quoted gold at 12,060 rupees per 10 grams, up 35 percent from a year ago.

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