Gold shines on Akshaya Tritiya: Prices up by over 30 pc in a year
New Delhi, April 29 (IANS/WISHAVWARTA) Gold has continued to shine bright for investors, delivering a return of over 30 per cent since last year’s Akshaya Tritiya, according to brokerage firm Ventura.
As the festival approaches this Wednesday, the price of 24-carat gold has surged from Rs 73,240 per 10 grams in 2024 to nearly Rs 94,000-Rs 95,000 per 10 grams this year.
Akshaya Tritiya is considered one of the most auspicious days to buy gold. It is believed that purchases made on this day invite prosperity and good fortune.
With this belief deeply rooted in tradition, millions across the country turn to gold not just for adornment but also as a time-tested investment — especially during uncertain times.
Over a longer horizon, gold has delivered even more impressive returns. In the past six years, gold prices have more than tripled. On Akshaya Tritiya in 2019, 24-carat gold was priced at Rs 31,729 per 10 grams, the firm said.
The surge in gold prices is largely attributed to rising global uncertainties, which have prompted many investors to turn to the yellow metal as a safe-haven asset.
On April 22 this year, gold prices hit a historic milestone, breaching Rs 1,00,000 per 10 grams for the first time.
Ventura also highlighted regional trends, noting that the highest demand for gold during Akshaya Tritiya comes from South India, contributing nearly 40 per cent to total sales.
The western region accounts for about 25 per cent, the eastern region for 20 per cent, and the northern region for around 10 per cent.
Interestingly, while Akshaya Tritiya is significant in South India, consumers in North India place greater importance on purchasing gold during the Dhanteras festival.
The brokerage firm further mentioned that while high gold prices could dampen sales volume this year, the overall revenue for the industry is expected to remain stable as compared to last year.
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