Gold Prices Hold Firm Post Akshaya Tritiya
A day after the auspicious occasion of Akshaya Tritiya, gold prices on Saturday, May 11, remained steady around ₹70,000 per 10 grams. The pure 24-carat gold was valued at ₹73,700 per 10 grams, while the price for 22-carat gold hovered around ₹67,560, as reported by News18.
Silver Prices Witness Upward Trend
On the same day, silver prices saw an upward trend, reaching ₹87,800 per kilogram.
Regional Variations in Gold Prices
In the national capital, 10 grams of 24-carat gold was priced at ₹73,850, and 22-carat gold stood at ₹67,710. In Mumbai, prices were slightly lower, with 10 grams of 24-carat gold priced at ₹73,700 and 22-carat at ₹67,560. Kolkata saw the price for 10 grams of 24-carat gold at ₹73,700 and 22-carat at ₹67,560.
Factors Influencing Gold Prices
The retail price of gold in India is not solely determined by the metal’s inherent value. Other factors, such as demand, economic conditions, and global trends, also play a significant role in setting gold prices.
Investor Interest in Gold
Despite a 15-17% increase in gold prices from the previous year, demand for gold and golden jewelry remained high during Akshaya Tritiya. Gold is not only considered a good luck charm but also a safe investment option that can provide decent returns for investors.
Historical Performance of Gold Prices
Analysis of gold price trends since 2014 reveals fluctuations in the Indian market. While prices dropped by 12% before a previous Akshaya Tritiya, there was also a 3% decline in 2017. The metal saw its highest returns of 32% in 2020 and continued to yield double-digit returns in 2023, highlighting its potential for investors.
Insight:
Gold has long been considered a safe haven asset during times of economic uncertainty and market volatility. Investors often turn to gold as a store of value and a hedge against inflation. The metal’s historical performance and its role as a traditional investment avenue make it a popular choice among investors looking to diversify their portfolios. Additionally, cultural and religious significance attached to gold in India contributes to its strong demand, especially during festivals like Akshaya Tritiya.
