Thu May 01 04:37:28 UTC 2025: ## Soaring Gold Prices Dampen Akshaya Tritiya Festivities in India
**Vijayawada, India (May 1, 2025)** – The auspicious Hindu festival of Akshaya Tritiya, traditionally a day for purchasing gold, saw a significant downturn in sales this year due to record-high prices. The price of 10 grams of 24-carat gold reached a staggering ₹98,000, a nearly ₹23,000 increase from last year.
This dramatic price surge led many potential buyers, particularly those from the middle class, to reconsider their traditional gold purchases. While some, like schoolteacher Kommireddy Satyavathi, opted for smaller, more affordable items to maintain the symbolic significance of the day, others, such as Gudivada Lakshmamma, chose to forgo gold purchases altogether.
Despite the high prices, jewellery showrooms reported some sales. M. Devadasan, manager of a Joyalukkas branch, noted that while sales were lower than expected, they still processed 800 gold purchase bills by early evening, anticipating a further surge later in the day. Several major jewellers offered special deals to attract customers, but the impact of the steep price increase was undeniable.
The situation highlights a growing conflict between tradition and economic reality. While Akshaya Tritiya maintains its cultural significance, the exorbitant cost of gold is forcing many to reassess their participation in this annual ritual, opting for smaller purchases or alternatives like silver to maintain the symbolic aspect of the day without incurring excessive expense.
First Piper 