India Witnesses Rs 16,000 Crore Precious Metal Sales on Akshaya Tritiya
India recorded gold and silver purchases worth an estimated Rs 16,000 crore on the occasion of Akshaya Tritiya, driven by strong consumer sentiment despite record-high prices, according to the Confederation of All India Traders (CAIT).
Gold jewellery and related items alone contributed around Rs 12,000 crore in sales, while silver accounted for an additional Rs 4,000 crore. “Despite the steep rise in prices, the ongoing wedding season and the cultural importance of Akshaya Tritiya boosted sales across the country”, said CAIT National Secretary General and BJP MP Praveen Khandelwal.
On Wednesday, gold was priced at Rs 97,500 per 10 grams and silver at Rs 98,000 per kilogram among the highest historical levels. Yet, the belief in gold as a safe financial investment encouraged people to proceed with purchases.
Interestingly, both gold and silver prices saw a brief dip during the day, with gold falling by Rs 1,000 and silver by Rs 2,000. Still, consumer interest remained strong. “This reflects the deep-rooted religious and cultural significance of Akshaya Tritiya”, said Pankaj Arora, President of the All-India Jewellers and Goldsmith Federation.
In comparison, gold was priced at Rs 52,700 per 10 grams and silver at Rs 65,000 per kilogram on Akshaya Tritiya in 2022, highlighting the significant price jump over the years.
The term 'Akshaya' means eternal or never diminishing. As per tradition, any purchase made on this day is believed to bring continuous growth and prosperity.
“Gold symbolizes purity, prosperity, and wealth, making it the most sought-after commodity on this auspicious day”, said CAIT National President B.C. Bhartia. Jewellers, goldsmiths, and artisans across India eagerly await this festival every year for a surge in business.
The robust sales underline the enduring faith of Indian consumers in tradition, investment, and prosperity despite economic headwinds.
