Experts said gold demand has not declined in the last three years despite the yellow metal reaching new peaks. India imports 700-800 tonnes of gold annually.
Buying gold on Akshaya Tritiya is a tradition followed in several parts of India as it is believed that purchasing the precious metal on this would bring prosperity. Gold prices traded between Rs 99,500 and Rs 99,900 per 10 grams across different parts of the country, 37.6 per cent higher than Rs 72,300 on Akshaya Tritiya in 2024. However, the skyrocketing prices of the yellow metal didn’t seem to be a deterrent for buyers as India witnessed an estimated sale of gold jewellery and related items worth approximately Rs 12,000 crore this Akshaya Tritiya, the Confederation of All India Traders (CAIT) said.
According to PNG Jewellers Chairman and Managing Director Saurabh Gadgil, record-high gold prices have failed to impact the consumer sentiment, and their interest in gold, diamond and silver jewellery remains steady.
The good thing for consumers this Akshaya Tritiya is that prices of gold and silver have stabilised after from peak levels. As a result, those who were reluctant to buy gold at elevated prices purchased gold on the auspicious occasion of Akshaya Tritiya.
Commenting on the pattern of buying gold, Gadgil said that around 50 per cent of purchases this Akshaya Tritiya were financed through old gold exchanges. This helped customers to manage budgets without compromising on festive or wedding needs.
“While volume growth may see a marginal dip of 8-9 per cent value-wise, we expect to be up by 20-25 per cent, which is a healthy sign of market resilience,” Gadgil said.
Experts are of the view that the demand for gold has not declined over the last three years despite the precious metal touching new peaks every year. India imports 700-800 tonnes of gold annually.
Meanwhile, gold prices witnessed a downtrend on Wednesday amid weak global trends. According to the All India Sarafa Association, gold prices declined by Rs 900 to Rs 98,550 per 10 grams in Delhi. Earlier on Tuesday, the price of gold with 99.9 per cent purity had closed at Rs 99,450 per 10 grams.