Akshaya Tritiya will be celebrated across the country tomorrow, despite high prices up to 25 tonnes of gold can be sold

On Akshaya Tritiya, demand for gold coins, bars, and jewelry is probably going to be strong nationwide despite the high prices. About 14% more gold is anticipated to be sold on Akshaya Tritiya this year than last due to the strong demand, investors' positive sentiment, and returns despite the tension in many countries around the world.

Chairman of All India Gems and Jewelry Domestic Council, Sanyam Mehra said that there are many reasons for the increase in demand for gold this Akshaya Tritiya. For example, the economic condition of the country is strong. Gold prices have come down slightly from their highs and have not shown major fluctuations in the last 15 days. The special thing is that Indians consider it auspicious to buy gold on Akshaya Tritiya.

Considering these factors, it is expected that this time up to 25 tonnes of gold can be sold across the country. 22 tonnes of gold was sold on the last Akshaya Tritiya. The festival of Akshaya Tritiya will be celebrated on 10 May.

Ajay Kedia, Director of Kedia Advisory, said that considering the tension in many parts of the world, signs of postponement of interest rate cuts, and the returns of up to 19.26 percent on Akshaya Tritiya in the last two years, investing in gold would be a good decision at this time. Gold may touch the level of Rs 80,000 on Akshaya Tritiya next year. On May 8, 2024, the price of gold closed at Rs 72,300 per 10 grams in the Delhi bullion market. In this context, it can give returns of up to 10.65 percent till the next Akshaya Tritiya.

Mehra said that this time there is no wedding season with Akshaya Tritiya. There will be fewer weddings in the country for the next two months, due to which there is no demand for heavy jewelry for brides. This time people will buy light jewelry to fulfill investment needs and for spiritual confidence.