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Time of India
01-05-2025
- Business
- Time of India
Gold value triples in 7 years, Akha Trij returns dazzle investors
Ahmedabad: Akshaya Tritiya this year comes at a time when gold prices have touched unprecedented highs — Rs 99,000 for 10 grams — nearly tripling since 2018. While this surge rewarded long-term investors handsomely, it may put a brake on festive jewellery purchases across Gujarat this year, according to bullion traders' estimates. In Ahmedabad in 2018, the gold price was Rs 32,000 per 10 grams in the domestic market on Akha Trij day. If an investor invested then, the returns were 209.3% as of Monday, and the value of gold held was 3x. You Can Also Check: Ahmedabad AQI | Weather in Ahmedabad | Bank Holidays in Ahmedabad | Public Holidays in Ahmedabad In fact, against last year's Akshaya Tritiya, when the gold price was Rs 75,500 per 10 grams in the Ahmedabad market, the yellow metal yielded 31.1% returns. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Tiaret: AI guru Andrew Ng recommends: Read These 5 Books And Turn Your Life Aroun... Blinkist: Andrew Ng's Reading List Undo "This indicative pricing highlights why gold remains a strategic component for a diversified investment approach. This is further enhanced due to its inherent value as a safe-haven asset and its importance for traditional gifting and cultural links. Gold remains a powerful wealth-preservation tool, especially in volatile times," said Samit Guha, chief financial and technology officer at MMTC-PAMP. But for retail buyers in Gujarat, affordability is beginning to bite. As a result, the current trend shows a shift in mindset — from adornment to asset. Many buyers now seek 99.99% purity and LBMA-certified gold, underscoring a pivot toward investment-grade purchases. "While the emotional connect with gold remains deep, we are seeing a restrained buying pattern this year. There are no advance bookings for purchases. Let's see how the purchases pan out. We expect more uptakes for coins and bars rather than jewellery," said Hemant Choksi, a bullion trader from Ahmedabad. Last year on Akshaya Tritiya, some 150kg of gold was retailed in Ahmedabad. "This time around, the estimates are not very optimistic. We expect at least a 50% decline in gold sales compared to last year's muhurats as prices have really pinched customers' pockets," said Haresh Acharya, director of India Bullion and Jewellers' Association (IBJA).
Mint
01-05-2025
- Business
- Mint
India's Akshaya Tritiya gold buying subdued by near-record prices
New Delhi: Akshaya Tritiya, a spring festival in India, is an auspicious day for new beginnings, investments, and charity, believed to ensure enduring prosperity. Buying gold is a common practice on this day. However, consumers refrained from high-value gold purchases on Wednesday, deterred by steep prices of the precious metal. Still, they opted for token purchases such as gold and silver coins as a form of investment, apart from picking up daily wear ornaments, retailers said. Despite extended store hours, walk-in customers were few, denting volume growth this year. 'Many first-time buyers entered the market, primarily driven by the investment opportunity, with prediction of gold prices rising further. However, demand was muted in the higher-denomination category due to the high price of gold. Consumers adapted their purchasing behaviour: opting for lower denomination or preferring to move to silver, while some waited for prices to stabilise,' Samit Guha, chief financial and technology officer of MMTC-PAMP that sells gold and silver coins and bars. MMTC-PAMP is a joint venture between India's state-run MMTC Ltd, and Swiss-based bullion brand PAMP SA. Guha said silver saw a huge increase in demand, with volumes more than doubling over the previous year. "Regarding jewellery purchases, consumers opted for smaller, lightweight pieces, prioritising daily wear but at a higher value. Furthermore, there has been a notable surge in the purchase of gold ETFs and Digital Gold due to their low making charges and investment appeal. Overall, compared to last Akshaya Tritiya, we witnessed robust growth in silver for offline sales and exponential growth across our digital and e-commerce platforms." he said. After rallying since the start of the year and approaching the ₹ 100,000 per 10 gram-mark late last month, gold prices on India's Multi Commodity Exchange (MCX) have since retreated. Weaker international prices, driven by a stronger US dollar and easing trade tensions caused a drop of over ₹ 500 on Akshaya Tritiya on Wednesday, with prices settling near ₹ 95,000 per 10 grams. Consumers made small token purchases, although overall volumes declined year-on-year. 'Value-wise, there has been a growth of 20% but volume wise there has been a de-growth of 15% to 18% in gold purchases,' said Suvankar Sen, managing director and chief executive of Senco Gold Ltd, which operates 171 stores across the country. However, demand for diamond jewellery grew both in value and volume terms, he said. Overall, demand during Akshaya Tritiya was led by purchase of wedding jewellery and small token pieces. A recent surge in gold prices has prompted retailers to ramp up offerings to lure customers. Consumers, on the other hand, are either resorting to returning old gold or waiting for prices to cool. Gold continues to remain a draw for Indian households, with a large part of gold sales linked to weddings in the country. 'Despite the ongoing market volatility, consumer preferences leaned towards gold, particularly in the lightweight jewellery category, with notable traction in rings, earrings, pendants, and chains. The diamond category also saw good movement, especially within lightweight designs," Ramesh Kalyanaraman, executive director, Kalyan Jewellers. Gold coins continued to be a preferred choice among customers, alongside strong demand for silver—both in coins and artefacts, he said. The retailer operates over 250 stores in India. Rajesh Rokde, chairman, All India Gem and Jewellery Domestic Council, said the recent price fluctuations—peaking at ₹ 99,500 on 22 April, and now down to ₹ 95,000—have reinforced buyers' confidence in gold as a strong investment. 'Today, we observe two types of customers: those purchasing in the ₹ 50,000 to ₹ 5 lakh range, drawn to the festive rush, and high-value buyers investing ₹ 10–15 lakh, who plan and book their selections days in advance to buy during the muhurat. With the drop in gold prices, the number of customers has notably increased, contributing to an impressive total sales figure of Rs20,000 crore today. Furthermore, as the wedding season kicks off during Akshaya Tritiya, demand is expected to rise significantly in the coming days,' he said. Additionally, Rokde emphasized the increasing demand for lightweight jewellery. "There is a noticeable shift towards lightweight designs, particularly among younger buyers," he said. First Published: 1 May 2025, 07:51 PM IST
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Business Standard
30-04-2025
- Business
- Business Standard
Physical or digital, why gold always glitters for Indian investors
Gold was selling for almost Rs 96,000 per 10 grams on Akshaya Tritiya, more than tripling in value since 2015 as Indians continue to invest in the 'safe haven' asset. 'Discerning investors are now opting for smaller quantities but higher values. Lightweight jewellery, certified coins, and digital gold are becoming mainstream,' said Samit Guha, chief financial and technology officer at MMTC-PAMP, A joint venture between Switzerland based bullion brand, PAMP SA, and MMTC Ltd, a Government of India Undertaking that sells gold and silver coins and bars, specializing in high-purity, certified precious metals. Preference for 24K gold of 999.9+ purity and the shift toward investment-grade purchases show that customers have become financially aware, he said. Akshaya Tritiya, being celebrated on Wednesday, is considered auspicious for investments. Digital Gold and Modern Investment Trends Palka Arora Chopra, director at Master Capital Services Ltd., a full-service financial services company that offers stock broking, investment advisory, mutual funds, and other wealth management solutions, said digital gold has emerged as a major investment trend in 2025. 'The way Indians approach gold is evolving. Digital formats offer liquidity, transparency, and ease of access, making them popular — especially among younger investors,' she said. Gold is viewed as a portfolio hedge against inflation and volatility, not just a ceremonial purchase. Cultural Sentiment Meets Financial Strategy Nishant Verma, who works for a public sector undertaking, says gold is a traditional and modern investment. 'Jewellery still holds emotional and cultural value, especially for festivals like Akshaya Tritiya. But from a pure investment lens, digital gold and SGBs are far more practical,' he said. He noted that millennials prefer non-wearable forms of gold that are easier to manage, store, and trade. "Global tensions, inflation concerns, and expected interest rate shifts in the US are contributing to gold's sustained rise in 2025. Central bank purchases and geopolitical risks only reinforce its safe haven status," said Chopra, of Master Capital. 'As long as instability remains, gold's appeal will persist.' Tips for people buying gold For tradition or gifting: Physical gold still holds its charm. For wealth building: Consider SGBs, gold ETFs, or digital gold. For better returns: Go for higher purity and verified products.
