Gold set to lose sheen on Akshaya Tritiya with jewellers anticipating 20% dip in demand

On Thursday, gold prices jumped ₹440, reaching ₹60,340 per 10 grams in the national capital, while silver climbed ₹850 to reach ₹75,450 per kilogram. The surge in prices was attributed to strong global cues.

Gold is expected to lose its shine this Akshaya Tritiya, with jewellers anticipating a 20% dip in demand due to high prices.

Akshaya Tritiya is considered an auspicious day to buy gold in India, with many people flocking to jewellery shops to make purchases.

Gold prices have been on an upward trend recently, buoyed by concerns over inflation and the weakening of the US dollar. This has made gold an attractive investment option, but has also pushed prices up.

Despite the high prices, some buyers may still choose to purchase gold on Akshaya Tritiya. However, many jewellers are bracing themselves for a dip in demand, and may offer discounts and promotions to entice buyers.

Meanwhile, in the overseas markets, both gold and silver were traded higher at USD 1,996 per ounce and USD 25.16 per ounce, respectively.