Daijiworld Media Network - New Delhi
New Delhi, Apr 29: Despite a significant surge in gold prices this year, Indian traders remain optimistic about robust business on Akshaya Tritiya, one of India's most auspicious festivals celebrated for ushering in prosperity, which falls on April 30, the Confederation of All India Traders (CAIT) announced today.
Even with gold prices soaring close to the Rs 1,00,000 mark per 10 grams, traders are confident that the prevailing festive sentiment will drive substantial demand.
Pankaj Arora, President of the All India Jewellers and Goldsmith Federation, projected that gold sales are expected to reach approximately 12 tonnes, translating to a value of Rs 12,000 crore.
“In addition, silver sales may touch 400 tonnes, worth Rs 4,000 crore. In total, business worth Rs 16,000 crore is expected this year,” Arora stated.
However, he acknowledged that the elevated prices have made some customers hesitant. Arora attributed the price hike to several global factors, including economic uncertainty, rising crude oil rates, a weakening rupee, and geopolitical tensions.
“Many investors are also turning to gold as a safe investment, adding more pressure on prices,” he added.
CAIT President B.C. Bhartia emphasized that the tradition of buying gold and silver for weddings is deeply ingrained in Indian culture, ensuring that essential purchases are still being made.
“Jewellers are also offering discounts and special deals to attract buyers,” Bhartia stated, adding that the ongoing wedding season has helped sustain a certain level of demand.
Trade leaders have strongly advised customers to purchase only BIS hallmarked jewellery and to always insist on a proper invoice. They urged people to shop exclusively from trusted jewellers to avoid any fraudulent practices and ensure fair pricing.
According to CAIT, gold prices have witnessed a steep increase. Last year, gold was priced at around Rs 73,500 per 10 grams, but this year it has touched the Rs 1 lakh milestone. Silver has also seen a significant jump, reaching Rs 1,00,000 per kilogram from Rs 86,000 per kilogram in 2023.
Despite the sharp price rise, the spirit of Akshaya Tritiya remains strong among traders, as buying gold on this day is widely considered a symbol of inviting prosperity and good fortune in India. There is a popular belief that gold purchased on Akshaya Tritiya never diminishes in value.