Gold's Radiance Shines on Akshaya Tritiya Amid Rising Prices

As Akshaya Tritiya was celebrated in Varanasi, devotees thronged the Ganga, performing rituals and prayers, reflecting the day's spiritual significance. Despite soaring prices, gold demand remains strong, drawing buyers to lightweight, studded jewelry. Experts foresee a price pullback but note the yellow metal's robust returns allure investors.

In Varanasi, Uttar Pradesh, devotees flocked to the banks of the holy Ganga river on Akshaya Tritiya, immersing themselves in its sacred waters and offering prayers. The annual occasion, marked by the communities of Hindu and Jain believers, sees the giving of food, clothes, and fruits, which symbolizes the day's profound spiritual significance.

This year, Akshaya Tritiya fell on April 30 and coincided with heightened interest in gold purchases—a tradition associated with the day. Despite escalating gold prices, demand in India remains undeterred, as many flock to acquire lightweight and studded jewelry. Experts attribute this persistent interest to the strong returns on gold investments seen over the past two years.

Rajesh Rokde, Chairman of the Gem and Jewellery Council of India, noted a significant increase in India's gold imports from 741 tonnes in 2023 to 802 tonnes in 2024. Despite a price surge, which saw gold climbing past Rs 1 lakh per 10 grams, the annual returns of 20-25 percent continue to attract investors. Commodity experts anticipate a potential pullback in prices in the coming months.

(With inputs from agencies.)