Soaring prices dull Akshaya Tritiya gold rush

Customers at a jewellery showroom in Vijayawada on Wednesday.
| Photo Credit: K.V.S. Giri

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.

“This year, this piece of gold will fit both the budget and the heart,” she said with a smile.

“Soaring prices play spoilsport. Going at this rate, I am not sure how many people can afford to buy gold in the days to come,” says Gudivada Lakshmamma, who visited a gold shop but returned without buying anything. “There were many others like me who did just window-shopping and walked out without reaching the final billing counter,” she said.

“There has been a 38% increase in gold rate since last year, but the Akshaya Tritiya sentiment persists,” insists M. Devadasan, Manager of the Vijayawada branch of Joyalukkas jewellery group. He said by early evening on Wednesday, the showroom settled 800 gold purchase bills.

“We are expecting the main crowd between 7 p.m. and 9.30 p.m. since today is a working day and people, while returning from work, will drop in to carry home the symbol of prosperity,” he said.

Showrooms like Lalitha Jewellery, Malabar and Tanishq announced special offers to woo buyers, but deterred by the steep prices, many traditional gold buyers quietly stayed away and instead found peace in striking a balance between reverence and reason — choosing symbolic gestures over heavy purchases.

Published – May 01, 2025 10:07 am IST

Source link

Author Profile

ANURAG DHOLE

Managing Director at Bitlance Tech Hub | 09158211119 | bitlancetechhub@gmail.com | Web

Anurag Dhole is a seasoned journalist and content writer with a passion for delivering timely, accurate, and engaging stories. With over 8 years of experience in digital media, she covers a wide range of topics—from breaking news and politics to business insights and cultural trends. Jane's writing style blends clarity with depth, aiming to inform and inspire readers in a fast-paced media landscape. When she’s not chasing stories, she’s likely reading investigative features or exploring local cafés for her next writing spot.