The festival of Akshaya Tritiya—considered the second most significant gold-buying occasion after Dhanteras—was marked across the country, with buying precious metals traditionally seen as a sign of prosperity.
According to Amit Modak of PN Gadgil and Sons, the sharp rise in prices dampened jewellery demand. He noted that while volumes declined as consumers stayed cautious, the overall value of purchases increased due to elevated price levels.
Gold had touched a peak of $5,594.82 per ounce on January 29 and is currently trading near $4,861.
In India—the world’s second-largest gold consumer—futures prices ended at ₹1,54,609 per 10 grams on Friday, roughly 63 per cent higher than levels seen during last year’s Akshaya Tritiya.
Surendra Mehta, national secretary of the India Bullion and Jewellers Association, told Reuters that demand was weaker than usual across most parts of the country, barring a few southern states.
A Mumbai-based jeweller indicated that retail customers are increasingly opting for gold coins, given their easier resale, even as retailers offered concessions on making charges to encourage jewellery purchases.
