Gold Glitters on Akshaya Tritiya Despite Price Surge
Gold Glitters on Akshaya Tritiya Despite Price Surge Posted by Nilesh Waghela Mumbai: Indians flocked to buy gold and silver on the auspicious occasion of Akshaya Tritiya on Wednesday, defying record-high prices and reaffirming the country’s deep-rooted affinity for the precious metal. Industry estimates suggest gold sales surged by 35% in value terms compared to last year, despite only marginal volume growth. Experts noted that demand for gold in India has remained consistently strong despite rising prices in recent years, with annual imports of the metal ranging between 700 and 800 tonnes — underlining India’s status as the world’s largest gold consumer. The All India Gem and Jewellery Domestic Council (GJC) reported steady buying momentum, particularly in South India during the first half of the day. Activity was expected to pick up in Maharashtra and northern states later, as consumers braved intense summer heat to make traditional purchases. Gold prices hovered between ...