Mumbai: Gold prices have proceeded to touch Rs. 1 lakh per 10 gram at the retail level recently and is likely to hurt consumer sentiment ahead of Akshaya Tritiya, a heavy purchase day for gold.
The price of gold without the Goods & Services Tax (GST) was trading at Rs 97,200 per 10 gm. The jewellery trade is hopeful that though the prices are surging northward, there will be good demand for gold as an investment product. Here are some feedbacks from industry leaders:
Ms. Vaishali Banerjee, MD, Platinum Guild International (India):
“Akshaya Tritiya has long been regarded as an auspicious time for significant purchases, particularly jewellery that symbolises prosperity and enduring value. In addition to seasonal demand, this year we foresee heightened interest from discerning young buyers, supported by our focused retail engagement programme, ‘Platinum Season of Love’.
As consumer mindsets evolve, we are witnessing a growing shift among younger audiences, who increasingly view precious jewellery as a marker of personal milestones and emotional connections. Platinum continues to emerge as the metal of choice for this cohort. With its 95% purity, rarity, and intrinsic versatility, platinum offers timeless appeal, making it a fitting choice to commemorate an occasion that represents new beginnings.”
Mr. Sachin Jain, Regional CEO, India, World Gold Council:
“Gold purchases have traditionally been an integral part of Akshaya Tritiya celebrations for millions of Indians, symbolising prosperity and good fortune. We are currently witnessing, sky rocketing gold prices – ‘gold’s era’. This year marks a significant period for gold, with global prices increasing by 25% since January and reaching a record high of USD 3500 per ounce. In India, gold prices have hit historic highs of Rs 1 lakh per 10 grams, reinforcing the belief in the yellow metal.
Gold’s status as a safe haven is at an all-time high, and it is anticipated that Indians will continue to purchase gold this Akshaya Tritiya regardless of price fluctuations. Industry feedback suggests a strong buyer interest in various forms of gold, including higher carat gold jewellery, gold ETFs, digital gold, and coins and bars, further solidifying gold’s role in Indian households. Despite external factors such as tariff-related uncertainties, gold jewellery retailers are well-stocked and optimistic about favourable buying behaviour. With seasonal and wedding-related demand also influential, robust gold purchasing is expected this festive season.”
Dr. Saurabh Gadgil, Chairman and MD of PNG Jewellers:
“This Akshay Tritiya presents a unique set of market conditions, with gold prices at an all-time high. Yet, the sentiment in the market remains robust, and investor confidence in gold continues to be strong. As one of the 3.5 most auspicious muhurats in the Hindu calendar, we expect Akshay Tritiya to be a significant buying day for both investment and occasion-led purchases.
With Akshay Tritiya falling at the cusp of a packed wedding season, we are optimistic that it will mirror the encouraging performance we saw during Gudi Padwa. We anticipate a strong turnout both for fresh purchases and for deliveries scheduled on the day.
Interestingly, rising gold prices have also accelerated consumer interest in studded jewellery. We are witnessing increasing traction in natural diamond jewellery, polki, and coloured gemstone pieces. Gold bars and coins are also expected to perform well as consumers continue to look at gold as a safe, long-term asset. The next ten days will be crucial in shaping momentum, but all indicators point to a promising Akshay Tritiya ahead.”
Mr. Colin Shah, MD, Kama Jewelry:
“The new all-time-high attained by the yellow metal is primarily influenced by the rising tensions between President Trump and US Fed Chair Jerome Powell regarding the Fed rate cut. Additionally, weakness in the USD following the tensions between Trump and US Fed Chair and uncertainties around the US-China trade war are another crucial factors that has pushed gold price to a record high.
While the gold price is on an upward trajectory, the fall in USD will make gold affordable in other currencies, keeping the demand-price dynamics balanced. As the global economic development unfurls, we project the gold price to breach the USD 3600/Oz in the international market during FY26.
Domestically, it is observed that gold price witnesses a slight rise around festive season like Akshaya Tritiya, in reflection to the spike in demand. The sentimental and cultural value attached towards investing in yellow metal on auspicious occasions like this will keep the demand upbeat, irrespective of the price trend.”
Mr. Rajesh Rokde, Chairman of All India Gem and Jewellery Domestic Council (GJC):
“Gold prices in Mumbai are soaring, with 24K gold at ₹10,000 per gram and 22K gold at ₹9,290 per gram. Predictions for gold to reach $4000 globally highlight sustained demand driven by investment buying and government interest. Temporary corrections and profit booking have occurred but haven’t slowed the bullish momentum.India’s gold imports climbed to 802 tonnes in 2024 from 741 tonnes in 2023, reflecting strong market activity despite occasional dips. Jewellers are enticing customers with attractive offers, especially during the wedding season and ahead of Akshaya Tritiya. This festival, celebrated as a particularly auspicious time for gold purchases, is expected to further boost demand, making this a golden opportunity for buyers to secure investments before prices escalate further.”
Mr. Avinash Gupta, Vice Chairman of All India Gem and Jewellery Domestic Council (GJC):
“The parabolic movement of gold suggests it could potentially reach $3,800 to $3,900 soon, exceeding my earlier prediction of $3,500 by April’s end. Indian consumers continue to surprise the market with their unwavering demand, supporting the jewelry community despite rising prices. Gold’s solid returns have reshaped perceptions among portfolio managers, advocating for a 15–20% portfolio allocation to gold. The demand for gold remains resilient. Silver is also gaining traction as silver jewelry, matching gold in quality, appeals to aspirational buyers with tighter budgets. On April 8th, price rumours led to old gold sales, but the phase has shifted towards exchanging for fusion jewellery designs. As Akshay Tritiya and the wedding season approach, new jewellery purchases combined with sentimental old pieces are set to drive strong demand in the months ahead, signalling robust growth in both gold and silver markets.”
