Gold Prices Fall Despite Rising Demand on Akshaya Tritiya

Gold prices fell by Rs 900 to Rs 98,550 for every 10 grams in the national capital on Wednesday. This drop happened because gold prices around the world were lower, according to the All India Sarafa Association. Just the day before, gold was priced at Rs 99,450 for 10 grams.

For gold with 99.5% purity, the price also went down by Rs 900 to Rs 98,100 from Rs 99,000 earlier. However, because many people are buying gold to celebrate Akshaya Tritiya—an important day for purchasing gold and other valuables—this helped slow down the price drop.

Jewellers believe that sales could increase by around 35% this year compared to last year, even though the price of gold is high. Last year, on Akshaya Tritiya, gold was much cheaper at Rs 72,300 per 10 grams. This year, gold sales might stay the same in terms of volume at about 20 tonnes.

Silver prices also went down significantly, by Rs 4,000 to Rs 98,000 per kg compared to Rs 1,02,000 on Tuesday. Globally, the price of gold dropped by USD 43.35, which is about 1.31%, bringing it down to USD 3,273.90 per ounce. Spot silver also fell 1.83% to USD 32.33 per ounce.

Gold prices continued to drop after U.S. President Donald Trump announced an executive order aimed at reducing the effect of his auto tariffs. He mentioned that trade talks with other countries were progressing, which seemed to lead to lower gold prices. U.S. officials indicated that a trade agreement might be close, though details weren’t shared yet.

Meanwhile, the popular June gold futures on the Multi Commodity Exchange decreased by Rs 1,639 or 1.71%, now priced at Rs 93,953 for every 10 grams. Traders are keeping an eye on important U.S. economic reports coming out soon, including GDP estimates and jobs figures. These reports could give more information about what the Federal Reserve might do next and how the economy is doing overall.