Nine days before Akshaya Tritiya, gold touches 1 lakh in Kol mkts
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Kolkata: Price of 10 gm gold of 24-carat purity in Kolkata touched the Rs 1-lakh mark with GST on Monday evening, nine days before
Akshaya Tritiya
— the day on which jewellers in the city witness the largest sale volumes.
While the jewellers don't see any change in the pricing trends any time soon, they claimed that Akshaya Tritiya sales will not be hit by the price points.
"The price of gold touched Rs 1 lakh on Monday evening. We anticipated this, and the industry was prepared for such a rise. Gold has always been pricey, and people bought gold despite that. However, with sudden price fluctuations, the market got confused at times. But people accepted the price hike," said Rupak Saha, zonal member of the Gem and Jewellery Trade Council of India.
Gold price has been on a steep curve over the past three years, and they doubled during this period. In May 2022, the price of gold (24 carat) was Rs 52,900 for 10 grams, and it climbed to Rs 60,000 the next year. In May 2024, the price was hovering around Rs 68,700 per 10 grams before it witnessed the steepest climb in the past year.
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"The price of gold at 6 pm was Rs 99,710, and in the next two hours, it touched the Rs 1,00,000-mark. This is the only sector where people are getting a very strong return on their investments. Even those who bought gold during Poila Boisakh are in profit now. This growth cannot be witnessed in any other sector within a fortnight," said Shubadip Roy, zonal member of the All India Gem and Jewellery Domestic Council.
"Customers will continue to buy gold as they have confidence in gold. However, the spike in price will impact sales by volume. We can see an impact in terms of volume, but not in value terms," said Suvankar Sen, MD and CEO of Senco Gold and Diamonds.
City jewellers, who are already on the verge of announcing offers for the Akshaya Tritiya week, said that even if the market witnesses downward corrections in price in the days to come, it will be temporary. But the high price of gold will shift the buying more towards light gold jewellery and diamonds.
"If the current trend continues, we may see an upward price movement in the short term, maybe by 5%-7%. The market seems to remain volatile during 2025, and it is the ideal time for investors, too. We are expecting healthy sales during Akshaya Tritiya as customers' confidence in gold will be even stronger now," said Anargha Uttiya Chowdhury, partner of Anjali Jewellers.
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