Record break sales of Gold Jewellery on Akshaya tritiya

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 Gold sales on Akshaya Tritiya were estimated to be around 12-20 tonnes, with the value of sales ranging between ₹12,000 crore to ₹20,000 crore. The Confederation of All India Traders (CAIT) projected sales of 12 tonnes of gold, worth ₹12,000 crore, while the All India Gem and Jewellery Domestic Council (GJC) expected sales to remain steady at 20 tonnes, with a 35% increase in value compared to last year.

Key Highlights:

- Gold Sales Volume: 12-20 tonnes - Value of Gold Sales: ₹12,000 crore to ₹20,000 crore - Silver Sales: 400 tonnes, worth ₹4,000 crore - Demand Trend: Despite high prices, demand remained steady, with consumers opting for smaller, lightweight pieces and silver coins ¹ ²

The high gold prices didn't deter buyers, but it did impact their purchasing behavior, with many opting for token purchases like gold and silver coins, or smaller, daily wear ornaments. The demand for lightweight jewelry and silver increased, while gold purchases saw a decline in volume despite a 20% value growth compared to last year.

 Gold rate predictions suggest a slight fluctuation in prices. According to forecasts, the gold rate for next week is expected to vary between ₹73,395 and ₹70,210 for 1 gram of 24-carat gold. Here's a breakdown ¹ ²:

- Today's Gold Price in India: ₹98,120 per 10 grams for 24 carats and ₹89,950 for 22 carats - Short-Term Forecast: Gold prices may see a minor rise due to economic uncertainty or inflation pressures, while a strong dollar or favorable economic data could keep prices stable or result in a small decline - Weekly Forecast: The trend is predicted to be negative, with resistance levels at ₹95,900, ₹96,900, and ₹99,000, and support levels at ₹94,000, ₹92,800, and ₹91,000 - Factors Influencing Gold Rates: Global economic trends, geopolitical tensions, domestic demand, currency exchange rates, and government policies.

Keep in mind that gold rate predictions are subject to change and should be used as a guide only. It's essential to consult with a financial advisor or track market trends for informed decisions.