SINGAPORE : Many jewellery shops in Singapore saw brisk business on May 8, with many customers buying gold.

The reason for the higher demand is that Hindus consider May 8 an auspicious day to buy the precious metal.

Hindus all over the world are celebrating the Gold Festival called "Akshaya Tritiya". Most Hindus believe that if they take possession of gold on this day, they would be blessed for the rest of the year.

Gold is the chosen metal as it indicates wealth and success, and is one of the safest investments. And customers seem undeterred by the surge in gold prices in recent months.

"There's a lot of bargaining going on... to get cheaper prices. They want us to give more discounts. So we offer more discounts to make sure that they can afford to buy gold," said Kumar, a jewellery shop owner. - CNA /ls