Gold rush turns light as prices hit record high this Akshaya Tritiya

Patna: With gold prices smashing all previous records and, for the first time, crossing Rs 1 lakh per 10 grams for 24-karat gold, the purest form of the metal at 99.9% purity, shoppers this Akshaya Tritiya are turning to lighter, more affordable options. Despite prices hovering around Rs 90,000 per 10 grams on Monday, the tradition of buying gold during the auspicious festival remains strong, though purchasing habits are changing.
Jewellers across the city are adapting to the trend. Many store owners announced they would open at least an hour earlier than usual on the day of Akshaya Tritiya and would stay open as long as customers kept coming, effectively scrapping fixed closing times for the festival.
"The precious metal has become more expensive, forcing customers to switch to lightweight jewellery and they also want it crafted in 18-karat gold, which is more affordable due to its 75% purity," said Udbhav Kumar, proprietor of a jewellery store in the state capital.
Highlighting the shift in consumer preferences, Kumar added, "Last year, only 30% of customers chose 18-karat jewellery. This year, that figure has risen to around 70%, clearly indicating the impact of the gold price hike."
On sales expectations, Kumar said both the turnout and the overall value of sales were likely to be slightly lower compared to last year.
Manish Soni, owner of a jewellery store in Hathwa Market, said while inquiries were steady, actual demand had been hit by the soaring prices. "Customers mostly shop for ornaments on Akshaya Tritiya because 24-karat gold coins are even more expensive. They prefer ornaments, which not only cost less but can also be flaunted during important celebrations," Soni said.
Umesh Tekriwal, sales manager of a renowned jewellery brand on Fraser Road, said customer turnout and advance bookings had dropped by 10-15% this year. "Those visiting our store are mostly choosing lightweight items like danglers, rings, pendants and bangles, which are relatively more affordable," said Tekriwal.
He added that while the store usually sells around 400-500 grams of gold daily, Akshaya Tritiya typically sees sales surge to 4-5kg in a single day. "As for the split between prior bookings and walk-in purchases on the festival day, it remains at 50:50," he added.
Rishu Kumar Gupta, owner of a jewellery shop on Bari Path, said gold nearing the Rs 1 lakh mark was acting as a deterrent for many. However, his store had introduced lighter versions of popular pieces, including mangalsutras, jhumkas and bracelets, catering to a wider range of customers.
"We have designed a variety of lighter options to ensure that everyone, regardless of their budget, can celebrate Akshaya Tritiya with a gold purchase," Gupta said.