As the auspicious festival of Akshaya Tritiya approaches, traditionally considered a favorable time to purchase gold and jewelry, rising prices are causing concern among prospective buyers.

With the onset of the wedding season, gold and silver prices in the Indian bullion market have witnessed a sharp increase. On Wednesday, April 15, the India Bullion and Jewellers Association (IBJA) reported a significant jump, with gold prices rising by around ₹3,000 and silver by ₹12,000.

According to IBJA data, the market has seen a strong rebound:

• 24-carat gold surged by ₹2,854, reaching ₹1,52,865 per 10 grams
• 22-carat gold climbed ₹2,614 to ₹1,40,024 per 10 grams
• 18-carat gold increased by ₹2,141 to ₹1,14,649 per 10 grams

Silver prices have also seen a remarkable rise. The metal jumped by ₹12,038, taking the price to ₹2,49,019 per kilogram.

Interestingly, just a month ago, gold prices had declined by approximately ₹3,571. On March 16, 24-carat gold was priced at ₹1,56,436 per 10 grams. However, the upcoming Akshaya Tritiya festival and increased wedding demand have reversed the trend, pushing prices upward. Silver, which had seen only a marginal rise of ₹308 last month, is now showing strong upward momentum.

Gold May Cross ₹1.62 Lakh by Akshaya Tritiya

Market experts predict that the rally is far from over. Yogesh Singhal, President of the All India Bullion and Jewellers Association, stated that rising physical demand due to the wedding season starting mid-April has significantly influenced prices.

He projected that gold prices could cross ₹1,62,000 per 10 grams by April 20, coinciding with Akshaya Tritiya.

Experts also note that there are no signs of demand slowing down before the festival. In such a scenario, buyers planning purchases for weddings are advised to consider buying during minor price dips. Additionally, instead of making a lump sum investment at elevated price levels, opting for staggered buying through SIP (Systematic Investment Plan) mode could be a more practical approach.

As festive sentiment drives demand, soaring prices may test buyers’ budgets in the days ahead.

The post Gold Prices Surge Ahead of Akshaya Tritiya, Buyers Feel the Pressure appeared first on Odisha Connect.