Will Gold Demand Surge by 10-15% on Akshaya Tritiya Despite High Prices?
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Synopsis
As Akshaya Tritiya approaches, experts predict a significant rise in gold demand, despite soaring prices. This cultural celebration encourages gold purchases, believed to bring prosperity. Stay tuned to learn how this trend unfolds amidst economic uncertainties.
Key Takeaways
- Gold prices remain high but demand is expected to rise.
- Akshaya Tritiya is a culturally significant day for purchasing gold.
- Younger consumers prefer lightweight jewellery.
- Recent trends show fluctuations in gold pricing.
- Global economic factors impact local gold prices.
New Delhi, April 28 (NationPress) Despite gold prices being at record highs, a surge in demand of 10-15% is anticipated during Akshaya Tritiya on April 30, as per industry experts.
This auspicious day holds immense significance in Hindu tradition, with purchasing gold considered a symbol of prosperity and good fortune for families.
Colin Shah, Managing Director of Kama Jewellery, stated that the cultural relevance of Akshaya Tritiya typically results in a peak in gold purchases among Indian consumers.
He emphasized that a favorable sentiment could drive a 10-15% increase in jewellery sales this season.
Gold prices have remained elevated amid global economic uncertainties, with the India Bullion and Jewellers Association (IBJA) reporting the price of 24-carat gold at Rs 95,420 per 10 grams on Monday.
Additionally, 22-carat gold was priced at Rs 91,300 per 10 grams, while 18-carat gold stood at Rs 77,290 per 10 grams.
Shah also highlighted a growing trend among young consumers who prefer lightweight jewellery for everyday wear.
Recently, gold prices in India briefly surpassed Rs 1,00,000 per 10 grams for the first time. However, a subsequent decline in global prices has led to some adjustments in domestic rates.
On April 22, the price for 24-carat gold reached Rs 1,00,000 per 10 grams, a jump of Rs 3,300 from Rs 96,670.
The 22-carat gold price climbed to Rs 97,600 per 10 grams, while 20-carat gold hit Rs 89,000, and 18-carat gold reached Rs 81,000 per 10 grams that day.
Futures for October on the Multi Commodity Exchange (MCX) also crossed the Rs 1 lakh mark on April 22.
Experts attribute the steep rise in gold prices to a growing global demand for gold as a safe-haven investment.
Point of View
The anticipated increase in gold demand during Akshaya Tritiya showcases the cultural importance of gold in Indian society. Despite economic challenges, the belief in gold as a symbol of prosperity remains strong, reflecting a blend of tradition and market behavior.
NationPress
17/06/2025
Frequently Asked Questions
Why is Akshaya Tritiya significant for gold purchases?
Akshaya Tritiya is considered an auspicious day in Hindu culture, where buying gold is believed to bring prosperity and good fortune.
What is the current price of gold in India?
As of April 28, 2023, the price of 24-carat gold is Rs 95,420 per 10 grams.
How much is gold demand expected to rise this Akshaya Tritiya?
Experts predict a 10-15% increase in gold demand during Akshaya Tritiya this year.
What trends are emerging in gold jewelry preferences?
Young consumers are increasingly opting for lightweight jewellery for daily use.
What factors are influencing gold prices currently?
Gold prices are influenced by global economic uncertainties and the demand for gold as a safe-haven investment.
