Gold value triples in 7 years, Akha Trij returns dazzle investors
Akshaya Tritiya
this year comes at a time when gold prices have touched unprecedented highs — Rs 99,000 for 10 grams — nearly tripling since 2018. While this surge rewarded long-term investors handsomely, it may put a brake on festive jewellery purchases across Gujarat this year, according to bullion traders' estimates.
In Ahmedabad in 2018, the gold price was Rs 32,000 per 10 grams in the domestic market on Akha Trij day. If an investor invested then, the returns were 209.3% as of Monday, and the value of gold held was 3x.
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In fact, against last year's Akshaya Tritiya, when the gold price was Rs 75,500 per 10 grams in the Ahmedabad market, the yellow metal yielded 31.1% returns.
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"This indicative pricing highlights why gold remains a strategic component for a diversified investment approach. This is further enhanced due to its inherent value as a safe-haven asset and its importance for traditional gifting and cultural links. Gold remains a powerful wealth-preservation tool, especially in volatile times," said Samit Guha, chief financial and technology officer at MMTC-PAMP.
But for retail buyers in Gujarat, affordability is beginning to bite. As a result, the current trend shows a shift in mindset — from adornment to asset. Many buyers now seek 99.99% purity and LBMA-certified gold, underscoring a pivot toward investment-grade purchases.
"While the emotional connect with gold remains deep, we are seeing a restrained buying pattern this year. There are no advance bookings for purchases. Let's see how the purchases pan out. We expect more uptakes for coins and bars rather than jewellery," said Hemant Choksi, a bullion trader from Ahmedabad.
Last year on Akshaya Tritiya, some 150kg of gold was retailed in Ahmedabad. "This time around, the estimates are not very optimistic. We expect at least a 50% decline in gold sales compared to last year's muhurats as prices have really pinched customers' pockets," said Haresh Acharya, director of India Bullion and Jewellers' Association (IBJA).
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