ANI New Delhi

Gold demand in India is expected to remain strong during Akshaya Tritiya this year, despite the surge in prices, as buyers are drawn by the high returns seen over the past two years. Experts say that despite a surge in rates, there will be accelerated consumer interest in the yellow metal with people moving towards lightweight and studded jewellery.

Commodity experts, however, believe that there will likely be a pullback in gold prices in the coming months, following the recent sharp uptick, with prices crossing Rs 1 lakh per 10 grams.  Rajesh Rokde, Chairman of the Gem and Jewellery Council of India (GJC), told ANI that gold has delivered an annual return of 20-25 per cent over the last two years.

"Last year, on Akshaya Tritiya, the gold price was Rs 72,000/ 10 gm, and in 2023 it was Rs 58,000. With an annual growth rate of 20-25 per cent, this steady increase is attracting numerous buyers. Because of this rally in gold, people are increasingly investing in it due to the strong returns over the past two years," he said. Meanwhile, Gold prices climbed Rs 1,050 to Rs 99,450 per 10 grams in the national capital on Tuesday on the back of fresh buying by jewellers and stockists ahead of Akshaya Tritiya, according to the All India Sarafa Association.

Gold of 99.5 per cent purity jumped Rs 1,100 to Rs 99,000 per 10 grams against the previous close of Rs 97,900 per 10 grams. So far this year, the yellow metal prices have added Rs 20,500 per 10 grams or 26 per cent from Rs 78,950 on December 31, last year. In addition, silver prices also bounced Rs 3,500 -- the steepest in nearly three weeks -- to trade near an all-time high at Rs 1,02,000 per kg on Tuesday.