India witnessed substantial gold and silver sales on Akshaya Tritiya, with an estimated 120 billion rupees worth of gold transactions and 40 billion rupees in silver purchases, according to the Confederation of All India Traders. Despite historically high prices for both metals, demand remained strong, driven by the ongoing wedding season and deep-rooted cultural significance associated with the occasion.
Gold was priced at 97,500 rupees per 10 grams, while silver reached 98,000 rupees per kilogram, marking one of the highest recorded price levels for the metals. During the day, prices saw a slight decline, with gold dropping by 1,000 rupees per 10 grams and silver decreasing by 2,000 rupees per kilogram. Even with elevated rates, consumer sentiment stayed firm as buyers viewed gold as both a symbolic and financial investment.
CAIT National Secretary General Praveen Khandelwal stated that traditional beliefs surrounding Akshaya Tritiya played a pivotal role in sustaining business activity despite high prices. He highlighted that purchasing gold on this auspicious day is seen as an investment in prosperity and financial security.
All-India Jewellers and Goldsmith Federation President Pankaj Arora noted that demand remained consistent despite price fluctuations. He emphasized that while price drops often stimulate purchases, Akshaya Tritiya’s cultural significance ensured steady sales regardless of market movements.
Gold and silver prices have risen sharply in recent years. In 2022, gold was priced at 52,700 rupees per 10 grams, while silver stood at 65,000 rupees per kilogram. The substantial spike in precious metal purchases reflects the lasting faith in the tradition’s association with wealth and prosperity, reinforcing its impact on India’s bullion market.
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