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Akshaya Tritiya 2023: Gold has long been considered a hedge against inflation.
It was expected that hike in gold prices over the past few weeks may affect sales on Akshaya Tritiya, which has long been seen as a lucky day to buy gold.
Akshay Tritiya 2023: On April 22, the gold prices in India remained above Rs 60,000 in many cities. At around 2 pm, 10 grams of 24-carat golf was priced at Rs 60,820. The same quantity of 22-carat variety cost Rs 55,750. On the other hand, silver was priced at Rs 76,960 per kilo.
Chennai was the costliest metro city in terms of gold prices. Ten grams of 22-carat gold was retailing at Rs 56,050 in the city. The same amount of 24-carat purity was valued at Rs 61,150.
In Delhi, 10 grams of 22-carat gold was priced at Rs 55,900, while the 24-carat variety was being sold at Rs 60,970.
Check latest gold rates in different cities on April 22;
| City | 22 Carat Gold Price/10 gram | 24 Carat Gold Price/10 gram |
| Delhi | Rs 55,900 | Rs 60,970 |
| Mumbai | Rs 55,750 | Rs 60,820 |
| Chennai | Rs 56,050 | Rs 61,150 |
| Kolkata | Rs 55,750 | Rs 60,820 |
| Bengaluru | Rs 55,800 | Rs 60,870 |
| Ahmedabad | Rs 55,800 | Rs 60,870 |
| Hyderabad | Rs 55,750 | Rs 60,820 |
| Lucknow | Rs 55,900 | Rs 60,970 |
| Patna | Rs 55,800 | Rs 60,870 |
It was expected that the hike in gold prices over the past few weeks may affect sales on Akshaya Tritiya, which has long been seen as a lucky day to buy gold. Some jewellers expect a 20 percent fall in sales volume.
Gold has long been considered a hedge against inflation. The precious metal has been used as a global currency and investment since historic times. In India, gold is seen as an indicator of prosperity and wealth. The country is one of the largest consumers of gold in the world, with the retail market driving a large proportion of demand.
The value of precious metals like gold and silver fluctuates due to several complex factors like production costs, region-specific taxes, excise duty, labour expenses, Goods and Services Tax (GST) on jewellery. Since India imports most of its gold needs, the price is also influenced by the currency exchange rate.
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