EL7.AI
CommoditiesUpdated•Originally published 25 April 2026•Updated 26 April 2026•
1 min read

India Gold Demand Muted During Akshaya Tritiya Festival Amid Record High Prices

Illustration of gold bars stacked before an Indian flag map, with people viewing jewelry and rising red arrows.

Key Facts

1Gold jewelry demand in India remained muted during the Akshaya Tritiya festival as record-high prices deterred buyers.
2Gold futures in India closed at 154,609 rupees per 10 grams, nearly 63% higher than during the previous year's festival.
3Retail buyers shifted toward gold coins for investment purposes due to ease of liquidation, despite jeweler discounts on making fees.

Gold demand in India remained significantly muted during the Akshaya Tritiya festival, the country's second-largest gold-buying occasion, as record-high prices deterred traditional retail consumers. Domestic gold futures surged to approximately 154,609 rupees per 10 grams, marking a staggering 63% increase compared to the previous year's festival period. This price rally forced a shift in consumer behavior, with many buyers pivoting away from jewelry toward gold coins for investment purposes due to their higher liquidity. Despite jewelers offering substantial discounts on making fees to entice shoppers, the volume of physical sales saw a notable decline. Analysts suggest that weakened physical demand from the world's second-largest gold consumer could act as a headwind for global spot prices. However, the high value-spend per transaction has provided some offset to the lower overall sales volumes reported by the industry.