New Delhi, May 1 -- Akshaya Tritiya, a spring festival in India, is an auspicious day for new beginnings, investments, and charity, believed to ensure enduring prosperity. Buying gold is a common practice on this day.

However, consumers refrained from high-value gold purchases on Wednesday, deterred by steep prices of the precious metal. Still, they opted for token purchases such as gold and silver coins as a form of investment, apart from picking up daily wear ornaments, retailers said.

Despite extended store hours, walk-in customers were few, denting volume growth this year.

"Many first-time buyers entered the market, primarily driven by the investment opportunity, with prediction of gold prices rising further. However, demand was mu...