Kolkata: Akshay Tritiya will be observed on April 19 this year. It is an occasion that is associated with buying gold. It is interesting to note how investments in gold has been a money spinner for investors since Akshay Tritiya. Akshaya Tritiya is also referred to as Akha Teej. It is an auspicious Hindu and Jain festival which stands for prosperity and good luck never diminishing. Akshay means something that doesn’t diminish. It falls on the third lunar day of the bright fortnight in the month of Baishakha. Traditionally it has prompted many families to buy gold, which has traditionally been associated with auspicious occasions. Experts think the demand for gold will inch up before Akshay Tritiya despite the higher prices compared to last year. In this country gold is not merely an investment but a symbol of good luck, tradition and faith. That’s why the demand for gold goes up before Dhanteras and Akshay Tritiya. It remains to be seen whether this trend will continue in the future.
How gold prices have accelerated in last 5 years
2021-2022: Gold price moved from Rs 47,000 to Rs 51,000
Rise: 8% to 9%
2022-2023: Gold price moved from Rs 51,000 to Rs 60,000
Rise: 17% to 18%
2023-2024: Gold price moved from Rs 60,000 to Rs 72,000
Rise: 18% to 20%
2024-2025: Gold price moved from Rs 72,000 to 96,000
Rise: 30% to 33%
2025-2026: Gold price moved from Rs 96,000 to Rs 1,50,000
Rise: 55% to 60%
The above figures reveal an interesting trend. Since 2021, not only has gold prices risen but also there has been a rise in the rate of increase in prices of the yellow metal. Therefore, prices are gallopping at a faster and faster rate. While this puts pressure on those who want to buy gold, it has generated huge gains for those who have already invested in gold.
Gold price and Akshay Tritiya demand
There are several factors driving the changes in gold prices. While global tensions and geopolitical instability such as the US-Iran war is putting an upward pressure on the price, the rise in value of the US dollar is putting a downward pressure on gold price, since in that situation investors don’t want to move their investment away from the US currency. This time the market is witnessing a slightly different trend. The higher prices are restraining people from purchases, while the festive occasion is triggering a higher demand. Due to the higher prices, there is demand for lightweight jewelry. Some are also showing increased interest in gold coins and bars.
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