New Delhi, May 6 (IANS) There was a huge rush for gold Friday, with buyers thronging jewellery shops after prices of the precious metal dipped by around Rs.500 per 10 gm, coinciding with the auspicious occasion of Akshaya Tritiya.

The Akshaya Tritiya festival is one of the two most auspicious days of the year to buy gold. Hindus believe they can get lasting prosperity by buying precious metals on the day. The other festival is Dhanteras before Diwali in October or November.

"The response is just overwhelming, we are catering to a huge rush at all our showrooms across the country. The mood is upbeat, It seems that those who had not even planned have also turned up today looking at the dip in the prices," Balram Garg, managing director and chief executive of the Delhi-based PC Jewellers' Group, told IANS.

"With such a demand, we expect the business today to rise by 30 to 40 percent as compared to Akshaya Tritiya last year," he added.

Gold, which was retailing at Rs.22,300 per 10 gram a day before, fell to Rs.21,800 Friday. Silver prices too slipped to Rs.56,000 per kg compared to Rs.60,000 Thursday.

"There is more demand for the daily-wear and lightweight jewellery but people who are interested in investments are buying gold coins," said Garg.

Shops are also offering freebies and discounts to attract more and more customers.

"We are offering one gold coin with the purchase of diamond jewellery worth Rs.25,000 and half grams of gold with purchase of Rs. 40,000 worth gold jewellery," Garg added.

"We have had a pre-booking of almost Rs.10 crore in 17 showrooms of ours across the country."