Gold Trades Above Rs 1.5 Lakh on Akshaya Tritiya, Demand Remains Strong

New Delhi: There is excitement in the market on the occasion of Akshaya Tritiya, but there is no big jump in the prices of gold and silver. On April 19, gold prices remained almost stable as compared to the previous day. 24 carat gold is trading around Rs 1.55 lakh per 10 grams, while 22 carat gold is at the level of Rs 1.42 lakh per 10 grams. Silver also remains at high levels, due to which buyers are taking decisions cautiously.

Why was there not much movement in prices today?

Usually the demand for gold and silver increases on Akshaya Tritiya, but this time the prices are already quite high. This is the reason why there was no sharp rise in the market. People are buying, but mostly as per their needs. There seems to be less competition for large-scale investment or jewelry making.

What are the prices prevailing in the cities?

In major cities like Delhi, Mumbai, Ahmedabad, Bengaluru and Kolkata, the price of 24-carat gold is around Rs 1.55 lakh per 10 grams. Slightly higher prices are being seen in Chennai. 22-carat gold is costing around Rs 1.42 lakh per 10 grams in most cities. Silver is being sold between Rs 2.75 lakh and Rs 2.80 lakh per kg. There are small differences at the regional level, but overall the situation remains stable.

What to keep in mind while shopping?

The price quoted at the shop is not final. The total cost is arrived at by adding making charges, GST and other taxes. So first understand the full price. The most important thing is to check the hallmark so that there is no doubt about the purity. Give preference to BIS hallmarked jewelry or coins only.

Buy Now or Wait?

If there is an immediate need, it would be better to buy little by little. Buying in installments rather than making a big investment all at once reduces the risk. From a long-term perspective, gold is still considered a reliable option, but one should be cautious given the high prices.

Why is shopping considered special on Akshaya Tritiya?

Buying gold and silver on this day is considered auspicious. It is believed that things purchased on this day never expire in the future and bring prosperity. This is the reason why every year a huge crowd gathers in the markets on this occasion. People choose this day especially because of its religious and cultural importance.

What is the right time to buy?

This time Akshaya Tritiya will start from the morning of 19th April and continue till 20th April. The time between morning and afternoon is considered more auspicious, hence the pace of shopping remains intense during this period. There may be a slight difference in the time of Muhurta in different cities, so please check the local almanac.