It is the morning of Akshaya Tritiya, an auspicious day when many Hindus buy jewelry.

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Further, the Akshaya Tritiya festival on May 13 is a key holiday when many Indians buy gold, Savant explained.

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This year, Akshaya Tritiya, a major gold-buying festival, was on May 13.

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Buying usually increases during Hindu festivals such as Diwali and Akshaya Tritiya.

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The mid-April price decline also came at a key period for seasonal demand due to spring weddings in India, as well as the May 13 Akshaya Tritiya festival, auspicious for gold buying.

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Traders, however, say that some of the buying interest seems to be waning despite the wedding season demand and the Hindu festival of Akshaya Tritiya on May 13, when it is considered auspicious to buy gold.

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