Varanasi (Uttar Pradesh) [India], April 30 (ANI): Devotees were seen taking a dip in the holy Ganga river on the occasion of Akshaya Tritiya on Wednesday in Varanasi, Uttar Pradesh.
People were seen performing prayers, donating fruits, clothes and food.
Celebrated on April 30 this year, Akshaya Tritiya, also known as Akha Teej or Akti, is primarily observed among the Jain and Hindu communities. Additionally, the day is considered auspicious for purchasing gold, donating food items, and clothing, among other things.
People pray for the well-being of their loved ones.
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.
Rokde added that India imported 802 tonnes of gold in 2024, compared to 741 tonnes in 2023, indicating a clear rise in both value and volume of demand. This suggests that, despite the price increase, gold consumption continues to rise annually. (ANI)
Disclaimer: This story is auto-generated from a syndicated feed of ANI; only the image & headline may have been reworked by News Services Division of World News Network Inc Ltd and Palghar News and Pune News and World News
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