Akshaya Tritiya gold surge shifts buyers to coins, investment purchases
This Akshaya Tritiya, gold prices were so high that shoppers switched things up. Many went for coins and lightweight jewelry instead of the usual heavy pieces.
Even though fewer items were sold, people spent more overall, focusing on investment buys.
As Amit Modak from PN Gadgil and Sons put it, "The sharp rally in prices has curbed jewelry demand in volume terms, even though spending has increased due to elevated prices,"
South India posts stronger gold demand
Gold demand was stronger in southern India than in the north, with affordable coins and lighter jewelry especially popular. Discounts made bridal sets more appealing too.
Silver also got a boost, with more people picking up coins and artifacts.
The government issued a revised list of banks authorized to import gold and silver, a move that could make gold investing even easier going forward.