Gold prices remain steady on Akshaya Tritiya | Check Kerala rates here

Kochi: Gold prices remained steady on Akshaya Tritiya this year, offering a slight relief to buyers ahead of the auspicious day, even as rates remained near all-time highs. On Wednesday, the price of one sovereign (8 grams) of gold remained at ₹71,840. This comes after gold prices slipped below the ₹72,000 mark on Monday, following five consecutive days above that threshold. In Kerala, 24 karat gold was priced at ₹9,791 per gram on Wednesday, while 22 karat and 18 karat gold stood at ₹8,980 and ₹7,344 per gram respectively. 

At the current rate, buying a gold ornament with 10 percent making charges will cost over ₹81,400. This total includes the price of gold, making charges, hallmarking fees, and GST. The making charge varies depending on the design of the ornament. Most regular gold jewellery is available with 5 to 10 per cent making charges.

Despite the price correction, Indian jewellers expect overall demand in terms of quantity to decline compared to previous years, primarily due to a more than 35 per cent rise in gold prices over the past year. This year, gold has touched ₹1 lakh per 10 grams, a sharp jump from ₹73,500 on Akshaya Tritiya in 2023. Silver prices have similarly surged to ₹1,00,000 per kg from ₹86,000 a year ago. However, this is unlikely to dent total sales value, as prices are currently at record levels. Many customers took advantage of advance booking systems ahead of Akshaya Tritiya, helping maintain momentum in the market.

The Confederation of All India Traders (CAIT) has projected a “mixed trend” in gold and silver buying this Akshaya Tritiya due to the steep rise in prices. "Jewellery markets across the country are witnessing varied consumer behaviour mainly because of the sharp surge in gold and silver rates," CAIT said in a statement on Tuesday.

According to All India Jewellers and Goldsmith Federation President Pankaj Arora, the country is expected to see business worth ₹16,000 crore on Akshaya Tritiya this year, including sales of around 12 tonnes of gold valued at ₹12,000 crore and 400 tonnes of silver worth ₹4,000 crore. Arora noted that while Akshaya Tritiya traditionally triggers a spike in purchases, elevated prices are tempering consumer enthusiasm.

Experts attribute the price surge to a mix of global economic uncertainty, rising crude oil prices, rupee depreciation, investor shift toward gold as a safe-haven asset, and ongoing geopolitical tensions.

CAIT’s National President, B C Bhartia, said that the ongoing wedding season has prevented a complete slump in jewellery demand. To attract customers, jewellers have rolled out festive offers and incentives. Trade leaders have urged buyers to insist on BIS-hallmarked jewellery, proper billing, and purchases only from trusted jewellers to ensure transparency and authenticity.