India Gold Demand Resilient Ahead of Akshaya Tritiya

As India prepares for Akshaya Tritiya on April 19, gold demand remains resilient despite record-high prices, with consumers favoring investment-oriented purchases over traditional heavy jewelry amid economic uncertainties. The festival, the second-largest gold-buying occasion after Dhanteras, symbolizes prosperity and continues to drive market activity in major cities like Mumbai, Delhi, and Bangalore.

Gold prices in India have surged, trading around 153,200 rupees per 10 grams on Friday after touching 155,065 rupees earlier in the week, the highest in a month. Year-to-date gains stand at 14 to 16 percent, with a 60 percent rally since last year's festival, fueled by geopolitical tensions, a weakening rupee, persistent inflation, and central bank diversification into bullion. Experts anticipate prices to hold in a range of 155,000 to 175,000 rupees per 10 grams in the near term, with intermittent volatility but an underlying bullish trend.

Retail sentiment is cautious due to elevated costs, leading to moderate volumes in jewelry sales but strong value in overall demand. A Bengaluru-based jeweler noted that buyers are not booking in advance as usual, opting instead for measured...