Gold and silver sales hit $1.8 billion on Akshaya Tritiya despite record prices

Gold continues to glitter across the world amid rising geopolitical uncertainties. But its significance in India is beyond it being a 'safe-haven asset'. The yellow metal is considered sacred to Indian households. Gold is a key feature in every major festival and tradition in the country. Akshaya Tritiya is one such tradition, a day considered auspicious to buy gold. But what happens when tradition meets high prices?

Gold has been on a record climb in the last 2 years. The prices have surged beyond $3500 per dollar, and are looking to break the 1,00,000 lakh rupees in India. This time coincides with rising tensions across multiple borders and declining consumption patterns. But, Industry jitters around buying trends subsided as the auspicious day ended with a 35 per cent surge in sales compared to last year. Total precious metal sales, across Gold and Silver, touched $1.8 billion, according to the Confederation of All India Traders. 

Despite record-high prices, consumers flocked to stores, driven by religious sentiment, wedding demand, and tradition. Gold prices touched 97,500 rupees per 10 grams, while silver peaked at 98,000 rupees per kilogram, among the highest ever.

However, a mid-day dip maintained consumer interest. The All-India Gem and Jewellery Council estimates gold sales at 20 tonnes — flat year-on-year in volume — but up 35 per cent in value terms.

Jewellers also reported that 50 per cent of purchases were financed by exchanging old gold, reflecting price sensitivity. Footfalls were higher in southern India early in the day, with activity picking up in Maharashtra and the north later.

Younger consumers aged 25 to 40 were active buyers, purchasing jewellery, coins, and bars within budget limits. Retailers noted increased demand for lab-grown diamonds and studded jewellery.

Despite affordability pressures, experts say gold demand has remained resilient, with India importing 700–800 tonnes annually — a trend that shows no signs of slowing.