Gold Rates Fall Ahead of Akshaya Tritiya, Market Experts Predict 15% Sales Boost
As the festival of Akshaya Tritiya approaches, there is good news for gold buyers. Gold prices have slightly declined. After reaching record highs last week, the price of gold witnessed a moderate decrease on Tuesday. However, market experts estimate that due to the festive season, gold purchases are likely to surge, with sales potentially increasing by 10 to 15 percent.
In the domestic market on Tuesday evening, the price of 24-carat gold for 10 grams dropped by more than ₹600, stabilizing at ₹95,400. Earlier, by the time equity markets closed (at 3:30 PM), gold prices had recorded a decline of ₹691. It is noteworthy that last week, the price of gold had touched the ₹1 lakh mark.
Impact of Akshaya Tritiya
In Hindu tradition, Akshaya Tritiya holds immense significance. People strongly believe that purchasing gold on this day brings prosperity and wealth. Experts suggest that this belief continues to encourage purchases despite high prices.
Colin Shah, Managing Director of Kama Jewelry, stated, "Due to the cultural significance of the festival, Indians tend to buy more gold during this period. A positive sentiment is visible among buyers, which could lead to a 10-15 percent increase in jewelry sales this season."