India On Gold Hunt: Akshaya Tritiya Churns Out Rs 12k-Crore Sales

New Delhi: India saw an estimated sale of gold jewellery and related items worth approximately Rs12,000 crore on the occasion of Akshaya Tritiya on Wednesday, the Confederation of All India Traders (CAIT) said. In addition, silver trade was estimated at around Rs4,000 crore on the auspicious day, according to the leading trade body.

“Based on estimates, gold jewellery and related items worth approximately Rs12,000 crore were sold across the country today. In addition, the silver trade was estimated at around Rs4,000 crore. Despite the steep rise in gold and silver prices, the ongoing wedding season and the traditional belief in the auspiciousness of Akshaya Tritiya contributed to healthy business activity,” CAIT National Secretary General and BJP MP Praveen Khandelwal said.

Gold is considered one of the best forms of financial investment, which also encouraged buyers to proceed with purchases despite the high prices, he said. The precious metal was priced at Rs97,500 per 10 grams and silver at Rs98,000 per kilogram today — historically among the highest levels.

“Interestingly, gold prices dropped by Rs1,000 and silver by Rs2,000 during the day. Despite high rates, consumer interest remained steady, reflecting the deep-rooted religious and cultural significance of this auspicious occasion,” All-India Jewellers and Goldsmith Federation President Pankaj Arora said.

Lower prices typically drive higher demand, yet today’s sentiment remained strong due to the day’s importance, he added. In 2022, gold was Rs52,700 per 10 grams and silver Rs65,000 per kg.