Soaring prices dull Akshaya Tritiya gold rush

Akshaya Tritiya sees gold prices soar, prompting traditional buyers to opt for silver, reflecting a shift in sentiment.

This year’s Akshaya Tritiya on Wednesday witnessed a collision of cultural significance with soaring prices of gold. The day is considered an auspicious day for purchase of gold, as it symbolises prosperity and eternal growth, but the all-time high price of the yellow metal stirred anxiety and reflection among potential buyers.

Continuing its relentless upward surge, 10 grams of 24-carat gold sold for a staggering ₹98,000 this Akshaya Tritiya, prompting many traditional buyers of gold to switch to silver this year.

Fiscal restraint was evident among buyers visiting the glittering showrooms in the city. “I had expected to step into a bustling showroom, hoping to see people in droves to fulfil gold-buying ritual, but I saw only a trickle,” said Kommireddy Satyavathi, a schoolteacher, mother of two and the caretaker of traditional values in her family.

“Every year I buy a small gold item on Akshaya Tritiya, even if it’s just a coin,” she said.

But this year is different, as the price of the precious metal has skyrocketed, jumping by nearly ₹23,000 compared to last year. In 2024, 10 grams of 24-carat gold sold for around ₹73,000.

Ms. Satyavathi is a middle-class woman juggling tradition and practicality. She says the showroom glowed with a golden warmth, but the price tags of the clinking bangle sets and the myriad designs of earrings did not allow her to stop and she moved further.

“Just a gram is enough, It’s the act that brings luck,” her mother-in-law’s advice helped her move to the smaller segments and before she settled for a tiny 1-gram coin, she saw a simple nose pin, less than a gram, but wearable and meaningful.