Will Indian Traders Experience a Boon on Akshaya Tritiya?
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Synopsis
As Akshaya Tritiya approaches, Indian traders are optimistic about strong business despite rising gold prices. With expectations of significant sales in both gold and silver, the festive spirit could drive demand. Will traditions hold strong against market fluctuations? Discover the insights from industry leaders and the CAIT.
Key Takeaways
- Indian traders are optimistic about Akshaya Tritiya despite rising gold prices.
- Projected sales include 12 tonnes of gold and 400 tonnes of silver.
- High prices are attributed to global economic factors.
- Tradition plays a significant role in consumer behavior during this festival.
- Consumers are advised to buy from reputable sources.
New Delhi, April 29 (NationPress) Despite a significant surge in gold prices this year, Indian merchants are optimistic about the business prospects during Akshaya Tritiya, one of India's most revered festivals, set to take place on April 30, according to the Confederation of All India Traders (CAIT).
Even with gold prices nearing Rs 1,00,000 per 10 grams, traders believe that the festive atmosphere will stimulate demand.
Pankaj Arora, President of the All India Jewellers and Goldsmith Federation, projected that gold sales could reach approximately 12 tonnes, valued at Rs 12,000 crore.
“Moreover, silver sales may range around 400 tonnes, amounting to Rs 4,000 crore. In total, we anticipate a business volume of Rs 16,000 crore this year,” Arora noted.
He acknowledged that the elevated prices have caused some customers to hesitate. Arora attributed the price hike to several global influences, including economic fluctuations, increasing crude oil prices, a weakened rupee, and geopolitical tensions.
“Additionally, many investors are seeking gold as a secure investment, further contributing to price pressures,” he elaborated.
CAIT President B.C. Bhartia emphasized that purchasing gold and silver for weddings is a longstanding tradition in India, ensuring that essential purchases continue.
“Jewellers are also presenting discounts and exclusive offers to entice buyers,” Bhartia mentioned, noting that the ongoing wedding season has preserved some level of demand.
Trade representatives have advised consumers to purchase only BIS hallmarked jewellery and to always request a proper receipt. They recommended shopping exclusively from reputable jewellers to prevent fraud and guarantee fair pricing.
According to CAIT, gold prices have seen a substantial increase. Last year, gold was priced around Rs 73,500 for 10 grams, but it has now reached the Rs 1 lakh benchmark.
Silver has also escalated to Rs 1,00,000 per kilogram, up from Rs 86,000 per kilogram in 2023.
While prices have surged dramatically, the spirit of Akshaya Tritiya remains vibrant among traders, as purchasing gold on this day symbolizes prosperity and good fortune in India.
There is a widespread belief that gold acquired on Akshaya Tritiya never depreciates in value.
Point of View
It's paramount to acknowledge that despite fluctuations in gold prices, the cultural significance of Akshaya Tritiya remains unshaken. The commitment to tradition and the potential for economic growth during this festival highlight the resilience of the Indian market. Our coverage will continue to reflect these dynamics as we uphold the values of trust and authority in our reporting.
NationPress
21/07/2025
Frequently Asked Questions
What is Akshaya Tritiya?
Akshaya Tritiya is an auspicious festival in India, celebrated for its significance in bringing prosperity and good fortune.
Why are gold prices rising?
Gold prices are influenced by factors such as economic uncertainty, rising crude oil rates, a weak rupee, and geopolitical tensions.
How much gold is expected to be sold this Akshaya Tritiya?
Traders anticipate gold sales to reach around 12 tonnes, valued at approximately Rs 12,000 crore.
What recommendations do trade leaders have for buyers?
Trade leaders advise consumers to buy only BIS hallmarked jewellery and from trusted jewellers to avoid fraud.
What is the significance of buying gold on this day?
Purchasing gold on Akshaya Tritiya is believed to bring prosperity and is a deep-rooted tradition in Indian culture.
