With gold prices hovering near Rs 1 lakh per 10 grams, jewellers expect light-weight jewellery and other items to drive consumer demand this Akshaya Tritiya, which is considered an auspicious day to buy precious metals. Akshaya Tritiya, which is celebrated on the third day of bright half of Hindu calender month Vaisakha, falls on April 30 this year. “As we approach the auspicious occasion of Akshaya Tritiya, the gold market is buzzing with anticipation. Akshaya Tritiya holds immense cultural significance in India, traditionally marking a surge in gold purchases. This year, despite the elevated prices, we anticipate a healthy demand driven by light-weight items,” All India Gem and Jewellery Domestic Council (GJC) Chairman Rajesh Rokde.

 

Gold on Friday traded weak at Rs 95,075 per 10 grams on MCX, as Comex gold continued to face resistance near the USD 3,330-an-ounce-mark. While some consumers might show initial hesitation, the enduring appeal of gold as a safe-haven asset and the metal being an integral part of our traditions will likely translate into positive sales, Rokde stated. To encourage market demand, the industry is doling out a diverse range of offerings, catering to varied budgets and preferences, he added. GJC Vice Chairman Avinash Gupta said, while the current price levels might prompt some to exercise caution, the inherent cultural significance of gold during Akshaya Tritiya, coupled with its enduring status as a reliable asset, suggests continued positive momentum in buying. “High prices may keep the volume demand either the same as last year or bring it down by 10 per cent.

 

The jewellery sector is showcasing innovative designs alongside classic pieces to cater to diverse consumer needs,” he added. World Gold Council Regional CEO, India, Sachin Jain said, “Gold purchases have traditionally been an integral part of Akshaya Tritiya celebrations for millions of Indians, symbolising prosperity and good fortune. We are currently witnessing sky rocketing gold prices - ‘gold's era’. This year marks a significant period for gold, with global prices increasing by 25 per cent since January and reaching a record high of USD 3,500 per ounce.” In India, he said, gold prices have hit a historic high of Rs 1 lakh per 10 grams, reinforcing the belief in the yellow metal. “Industry feedback suggests a strong buyer interest in various forms of gold, including higher carat gold jewellery, gold ETFs, digital gold, and coins and bars, further solidify gold’s role in Indian households.

 

Despite external factors such as tariff-related uncertainties, gold jewellery retailers are well-stocked and optimistic about favourable buying behaviour. With seasonal and wedding-related demand also influential, robust gold purchasing is expected this festive season,” Jain added. PNG Jewellers chairman and managing director Saurabh Gadgil said this Akshaya Tritiya presents a unique set of market conditions, with gold prices at an all-time high, however, the sentiment in the market remains robust, and investor confidence in gold continues to be strong. “Volume has been under pressure for quite some time as the gold prices continue to soar. However, with Akshay Tritiya falling at the cusp of a packed wedding season, we are optimistic that it will mirror the encouraging performance we saw during Gudi Padwa. We anticipate a strong turnout both for fresh purchases and for deliveries scheduled on the day,” he stated. “Gold bars and coins are also expected to perform well as consumers continue to look at gold as a safe, long-term asset. The next 10 days will be crucial in shaping momentum, but all indicators point to a promising Akshay Tritiya ahead,” he added.