Gold price slips by 1k/10g; Kolkata buyers hope for further slump ahead of Akshay Tritiya

Kolkata: While the gold prices softened a bit after touching the Rs 1 lakh-mark for 10 g in Kolkata, buyers are waiting for a further decline in prices before Akshay Tritiya, which is on April 30. City jewellers, who have already come out with offers, get almost one-third of their annual sales from Akshay Tritiya each year.
On Sunday, the price of 10 g of 24 Karat gold hovered around Rs 99,000, nearly Rs 1,000 less than what it was a week back. Gold prices were on a historic high over the past three years. Between May 2022 and April 2024, the price of 24 Karat gold doubled when it touched the Rs 1 lakh mark on April 21.

"We witnessed fluctuations in gold prices in the past six days. While it was Rs 1 lakh on April 21, it came down to Rs 98,800 on April 23. It went up marginally to Rs 99,000 per 10 gm on Sunday. This fluctuation created some amount of confusion among the buyers," said Shubadip Roy, zonal member of the All India Gem and Jewellery Domestic Council.
According to Rupak Saha, zonal member of the Gem and Jewellery Trade Council of India, with sudden price fluctuations, the market got confused even in the past. "This is quite common every time we witness sudden fluctuation. Moreover, the tension between India and Pakistan and the recovery of the stock market also halted buying for a few days," Saha said.
Abhishek Naiya, a fashion designer living in Kasba, invested in small gold biscuits or coins over the past few years. "I keep on buying the metal solely with the purpose of investing. I invested in gold like that over the last three to four years. The price of gold has not come down over the past several years. Investors like me keep on buying gold in smaller amounts," Naiya said.
Suvankar Sen, MD and CEO of Senco Gold Ltd, felt that the Rs 1 lakh-mark created a mixed feeling among buyers. "On the one hand, they were happy to see the price of old gold appreciate significantly. On the other hand, people also wait for the price of gold to soften when they are buying the metal," he said.
"We presume that this volatility in the market will continue throughout this year. Consumers, in such situations, prefer to buy gold as it is a safe haven for them. We don't see any significant price correction immediately," said Anarghya Uttiya Chowdhury, director of Anjali Jewellers.