Gold demand in India has begun to pick up gradually as the auspicious festival of Akshaya Tritiya approaches on April 19. However, record-high prices continue to keep many buyers cautious, leading to moderate rather than strong sales momentum so far.
Traditionally considered one of the most favourable days to purchase gold, Akshaya Tritiya holds deep cultural and religious significance. It is widely believed that buying gold on this day brings prosperity and long-term wealth. The festival also marks the beginning of the wedding season in several parts of the country, further boosting demand for jewellery.
Rising interest but cautious buying
Jewellers across major cities such as Mumbai, Delhi, Chennai, Hyderabad and Kolkata have reported a noticeable increase in customer inquiries and store visits over the past few days. Many customers are exploring designs, comparing prices and enquiring about festive offers.
However, actual purchases remain below typical pre-festival levels. The primary reason is the steep rise in gold prices, which has made buyers more selective. Instead of making immediate purchases, many families are adopting a wait-and-watch approach, hoping for a price correction before the festival.
Customers are also adjusting their buying patterns. Rather than opting for heavy traditional jewellery, there is a growing preference for lighter designs in 18-carat and 22-carat gold. This allows buyers to participate in the tradition while staying within their budgets.
High prices remain a key concern
As of Friday morning, the price of 24-carat gold was hovering between ₹1.52 lakh and ₹1.53 lakh per 10 grams across most major cities, depending on local taxes and charges. These levels are significantly higher compared to earlier months, making affordability a major concern, especially for middle-class households.
The recent surge and volatility in gold prices have been influenced by global geopolitical developments. Uncertainty surrounding tensions in the Middle East has played a crucial role in keeping gold rates elevated. While a temporary ceasefire between the United States and Iran had initially brought some stability, fresh concerns over its sustainability have continued to impact the market.
Jewellers roll out festive offers
In an effort to boost sales ahead of the festival, jewellery retailers have introduced a range of promotional schemes. These include price-lock options that allow customers to secure current rates for future purchases, as well as easy EMI plans to make buying more affordable.
Many jewellers have also launched exclusive Akshaya Tritiya collections, featuring lightweight and contemporary designs to attract modern buyers. Online gold platforms are also stepping up efforts with discounts, cashback offers and flexible payment options.
Industry experts believe these initiatives may help sustain consumer interest, even if high prices continue to pose a challenge.
Outlook for the coming days
Market observers remain cautiously optimistic about demand in the days leading up to Akshaya Tritiya. According to industry insiders, even a slight drop in gold prices could trigger a surge in last-minute buying, as consumers rush to take advantage of the auspicious occasion.
Additionally, wedding-related purchases are expected to gather momentum soon after the festival, providing further support to overall demand.
Jewellers are hopeful that increased footfall over the weekend and early next week will translate into improved sales. However, the final outcome will largely depend on how gold prices behave in the immediate run-up to April 19.
Conclusion
While gold demand in India is showing early signs of revival ahead of Akshaya Tritiya, high prices remain a significant hurdle. For now, buyers are balancing tradition with financial caution, closely monitoring market trends before making their purchases. The coming days will be crucial in determining whether sentiment strengthens into robust festive sales.