China is the world's largest gold consumer followed by India, which consumed 760 tonnes of yellow metal in 2018. The biggest demand for gold for the two South Asian giants comes from jewellery.

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The global gold demand rose 1.7 percent to 3,338 tonnes in 2018.

After a long hiatus, gold is likely to glitter this Akshaya Tritiya and the industry is expecting high double-digits volume growth given the positive

consumer sentiment and stable prices.

The retail price of gold fell to around Rs 31,500 per 10 grams from around Rs 33,700 in mid-February.

"We expect robust demand for gold/gold jewellery this Akshaya Trithiya due to price stability since the past few months and the improved consumer sentiment since Gudi Padwa. Looking at the current momentum we expect at least 10 percent demand growth this auspicious occasion," All-India Gems &

Jewellery Domestic Council chairman Anantha Padmanabhan told PTI.

Indians mostly buy gold jewellery or coins during weddings and festivals like Akshaya Tritiya and Dhanteras. Gold is considered to be an auspicious metal in a Hindu household in the form of the goddess of prosperity, Lakshmi.