Akshaya Trithiya has gained prominence over the years with people flocking to the jewellers to buy the precious yellow metal. It is believed that buying gold on this day is auspicious and will grow multifold.
Almost all the jewellery shops in the area were bursting at the seams and they geared up for the occasion well in advance.
There was a huge rush to buy gold with buyers thronging jewellery shops after prices of the precious metal declined by Rs 500-Rs 1,000 per 10 gram.
In some houses, women performed special pooja to Goddess Mahalakshmi and distributed buttermilk, panakam, curd rice and, of course, tamboolam, as it is considered an act of punya to distribute them on Akshaya Trithiya.
There was a traffic diversion in this bustling area and commuters jostled in the sea of humanity to reach the T Nagar bus stand and Mambalam railway station.
The Akshaya Trithiya festival is one of the two most auspicious days of the year to buy gold.
The demand for gold shot up across the country on Friday as a decrease in the yellow metal's price encouraged people to buy it on the occasion of Hindu festival, Akshay Tritiya.
Akshaya Tritiya is one of the two most auspicious days of the year to buy gold in India, as Hindus believe they can get lasting prosperity by buying precious metals on the day. The other festival is Dhanteras in November.
Jewellers in Mumbai also witnessed huge sales as buyers took the price fall in their stride with the difference of daily price changes lower given the smaller size of purchases.
The Bombay Stock Exchange and the National Stock Exchange extended trading hours for gold exchange-traded funds (ETFs) for the festival by five and a half hours.
Many Hindus believe buying precious metals on Akshaya Tritiya will multiply their wealth and the festival typically sees huge sales of gold and silver in India, which imports 700-800 metric tons of gold and around 3,000 tons of silver a year. The day has also become the focus of a major marketing initiative by the World Gold Council in recent years.
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