Gold prices surge on Akshaya Tritiya in Hyderabad, setting new highs for May

On Friday, the price of 24-carat gold soared to over a 10-day high, settling at Rs 73,090 per 10 grams.

Hyderabad: Gold prices surged in the city on Friday, marking the day of Akshaya Tritiya with the highest rates witnessed in May thus far. The tradition of buying gold on auspicious occasions like Akshaya Tritiya is deeply rooted in Indian culture, believed to usher in prosperity and good fortune.

On Friday, the price of 24-carat gold soared to over a 10-day high, settling at Rs 73,090 per 10 grams. Similarly, the price of 22-carat gold per 10 grams surged to Rs 67,000. This surge comes after a period since April 23 when prices had been below the Rs 73,000 mark, only to rise sharply on the day of Akshaya Tritiya.

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Industry experts attribute this spike in prices to various factors, including global market trends, geopolitical tensions, and demand-supply dynamics. The festival of Akshaya Tritiya traditionally sees a surge in gold purchases as it is considered an auspicious time for investments in precious metals.

Despite the higher prices, retailers and jewellers are expecting a robust demand for gold with Akshaya Tritiya coinciding with the summer wedding season.

“We anticipate good demand for jewellery and diamonds are most sought after due to their inherent preciousness. This demand is also influenced by a shift in consumer buying pattern, as individuals are increasingly drawn to purchase items that hold significance and value. An interesting trend this season is the rising demand for everyday jewellery characterized by its minimalist, lightweight, and ethically sourced nature. There is also a growing demand for high quality solitaire diamonds, and this trend has been particularly observed in South India. In summary, we anticipate a positive sales outcome this Akshaya Tritiya,” noted Amit Pratihari, Vice President, De Beers Forevermark.

In tandem with the gold surge, the price of silver also saw a significant rise, with 1 kilogram retailing at Rs 90,000 on Friday, reflecting the bullish trend in precious metals.