Winning Bizness Desk

Mumbai. On the auspicious occasion of Akshaya Tritiya (April 30), traditionally considered a favorable time to buy gold, bullion prices took an unexpected dip. According to the India Bullion and Jewellers Association (IBJA), the price of 10 grams of 24-carat gold fell by ₹1,650, settling at ₹94,361. Earlier, it was priced at ₹96,011. Similarly, silver prices dropped significantly, with one kilogram now costing ₹94,114 — ₹3,276 less than the previous ₹97,390.

Profit Booking Behind Price Correction

Experts attribute this decline to profit booking by investors. In recent weeks, gold and silver prices had surged to record highs, prompting many to sell their holdings and cash in on the gains. Analysts suggest that in the short term, the downward trend may continue due to this profit-driven correction. Notably, gold hit an all-time high of ₹99,100 on April 21, while silver peaked at ₹1,00,934 per kg on March 28.

City-Wise Gold Rates

As of Akshaya Tritiya, city-wise gold prices for 10 grams of 22-carat and 24-carat are as follows:

- Delhi: ₹89,900 (22 ct), ₹98,040 (24 ct)

- Mumbai: ₹89,750 (22 ct), ₹97,910 (24 ct)

- Kolkata: ₹89,750 (22 ct), ₹97,910 (24 ct)

- Chennai: ₹89,750 (22 ct), ₹97,910 (24 ct)

Gold Demand Likely to Rise Again

Despite the temporary decline, market experts foresee a bullish future. Ajay Kedia, Director of Kedia Advisory, says rising geopolitical tensions and increasing investments in gold ETFs are likely to drive demand further. He predicts that by next year’s Akshaya Tritiya, gold prices may reach ₹1.05 lakh per 10 grams.

Things to Keep in Mind While Buying Gold

Buyers are advised to take precautions during purchases. First, always choose BIS-hallmarked certified gold, which includes a six-digit Hallmark Unique Identification Number (HUID). Second, cross-check the price and weight through trusted sources like the IBJA website. Finally, avoid cash payments; use digital methods and ensure to collect a bill, especially for online orders, where packaging must also be verified.

Key Points in a Nutshell:

1. Gold fell ₹1,650 to ₹94,361 per 10g (24 ct) on Akshaya Tritiya.

2. Silver dropped ₹3,276 to ₹94,114/kg.

3. Profit booking caused the price dip after recent highs.

4. Gold previously hit ₹99,100; silver peaked at ₹1,00,934.

5. Analysts expect short-term fall but long-term rise.

6. Ajay Kedia predicts ₹1.05 lakh gold by next Akshaya Tritiya.

7. Buy only BIS-certified gold, cross-check prices, avoid cash deals.