India saw a strong spurt in gold and silver buying on the day of Akshaya Tritiya this Wednesday, with the Confederation of All India Traders (CAIT) putting the sales of gold jewellery and allied products across the country at an estimated Rs 12,000 crore.
Besides the gold rush, silver too reported high sales figures, with the trade volume being around Rs 4,000 crore, according to CAIT's estimate.
"According to estimates, gold jewelry and allied products worth about Rs 12,000 crore were bought and sold throughout the country today. Also, the trade in silver was estimated to be around Rs 4,000 crore. The prices of gold and silver, which registered a sharp increase, could not dampen business activity because of the current wedding season and traditional beliefs about the auspiciousness of Akshaya Tritiya," said CAIT National Secretary General and BJP MP Praveen Khandelwal.
He also pointed out that gold is still a popular financial asset, which ensured consumer confidence remained firm even at all-time high price levels.
Gold prices reached a high of Rs 97,500 per 10 grams and silver reached Rs 98,000 per kg — levels some of the highest ever.
"Not surprisingly, gold fell by Rs 1,000 and silver by Rs 2,000 through the day. Consumer interest didn't wane despite high rates, an indicator of the culturally and religiously deep-rooted importance of the auspicious occasion," said All-India Jewellers and Goldsmith Federation President Pankaj Arora.
He went on to explain that while decreased prices tend to encourage more sales, this year's high demand was boosted by the cultural value of the day.
For reference, the prices in 2022 were much lower, with gold at Rs 52,700 per 10 grams and silver at Rs 65,000 per kilogram.
The term "Akshaya" means limitless prosperity — the hope being that ventures or purchases done on this day are blessed with constant growth and wealth.
"Since gold represents purity, prosperity, and wealth, it is the most preferred buy on this day. That is why the trade of gold and silver witnesses a huge surge throughout India on Akshaya Tritiya, and jewellers, goldsmiths, and artisans look forward to this day every year," said CAIT National President B.C. Bhartia.
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