Synopsis
On Akshaya Tritiya, India enjoyed a remarkable surge in gold and silver sales, surpassing Rs 12,000 crore in gold and Rs 4,000 crore in silver. This event showcases the cultural significance of the day, driving consumer interest despite high prices. Discover the factors behind this remarkable buying spree.Key Takeaways
- India's gold sales reached Rs 12,000 crore on Akshaya Tritiya.
- Silver purchases were estimated at Rs 4,000 crore.
- The event reflects deep cultural significance.
- Consumer interest remained strong despite high prices.
- Gold is viewed as a secure investment.
New Delhi, April 30 (NationPress) On the auspicious occasion of Akshaya Tritiya, India recorded an impressive sale of gold jewellery and related items amounting to approximately Rs 12,000 crore, as reported by the Confederation of All India Traders (CAIT).
Moreover, silver trading was estimated to reach around Rs 4,000 crore on this significant day, according to the prominent trade organization.
"According to estimates, gold jewellery and related items valued at about Rs 12,000 crore were sold nationwide today. Furthermore, silver transactions were projected at around Rs 4,000 crore. The ongoing wedding season, coupled with the traditional belief in the auspiciousness of Akshaya Tritiya, bolstered robust business activity despite the soaring prices of gold and silver," stated CAIT National Secretary General and BJP MP Praveen Khandelwal.
Gold is deemed one of the finest forms of financial investment, which motivated many buyers to continue their purchases despite elevated prices, he mentioned.
Today, the price of gold was pegged at Rs 97,500 per 10 grams, while silver was priced at Rs 98,000 per kilogram — marking some of the highest rates historically.
Interestingly, during the day, gold prices saw a decrease of Rs 1,000 and silver by Rs 2,000. Even with these high rates, consumer interest remained strong, illustrating the deep-seated religious and cultural significance of this day, according to Pankaj Arora, President of the All-India Jewellers and Goldsmith Federation.
Typically, lower prices stimulate higher demand, yet the sentiment today remained robust owing to the day's significance, he added.
In 2022, gold was priced at Rs 52,700 per 10 grams and silver at Rs 65,000 per kg.
"Akshaya" signifies eternal prosperity — a concept believed to ensure that purchases made or initiatives started on this day will continue to flourish and bring enduring wealth.
"As gold embodies purity, prosperity, and wealth, it remains the most preferred purchase on this day. This is why the gold and silver trade experiences a significant surge across India during Akshaya Tritiya, and jewellers, goldsmiths, and artisans eagerly anticipate this day every year," remarked CAIT National President B.C. Bhartia.
