Akshaya Tritiya: Mumbai witness gold rush as Delhi markets go quiet

The price of 24-carat gold in Mumbai stood at Rs 97,600 per 10 grams and 22-carat gold stood at Rs 92,000 per 10 grams

Gold demand remained strong in Mumbai this Akshaya Tritiya, even as markets in Delhi saw a sharp drop in footfall. Though prices have eased from their peak of ₹1 lakh per 10 grams earlier this month, they remain elevated, dampening demand in the national capital.

 

In contrast, Mumbai’s jewellery markets saw brisk sales. The Bombay Bullion Association expects at least 100 tonnes of gold to be sold by the end of the day — a stark contrast to the muted activity in Delhi.

 

Jewellery stores in Mumbai’s Zaveri Bazaar opened two hours earlier than usual, with customers queuing up from early morning.

 

“Gold coins are in high demand this Akshaya Tritiya. Around 40 per cent of Wednesday’s purchases were coins, and the rest, jewellery,” said Kumar Jain, national spokesperson for The Bombay Bullion Association.

 

As of Wednesday 5 pm, 62 tonnes of gold had been sold in Mumbai, with volumes expected to touch 100 tonnes by nightfall. Last year, the city saw 82 tonnes of gold sold on the same occasion.

 

The price of 24-carat gold in Mumbai stood at ₹97,600 per 10 grams, while 22-carat gold was priced at ₹92,000 per 10 grams.

 

In Delhi, however, shops wore a deserted look. Demand was down by 50 per cent, with high prices deterring buyers.

 

“Shops across Delhi’s markets shut by 7 pm on Wednesday. I closed my store early and found similar scenes elsewhere,” said Yogesh Singhal, chairman of the All Bullion & Jewellers’ Association.

 

He added that customers didn't come in to exchange old gold today as it is an auspicious day.  While the average ticket size remained around ₹1 lakh, fewer pieces were sold. “Many customers opted for lightweight gold jewellery or even silver coins,” he said.

  Customers have otherwise been coming in to exchange old jewellery as gold prices are trending higher.     

 

In Delhi, 24-carat gold was priced at ₹98,000 per 10 grams, while 22-carat gold was selling for ₹90,000 per 10 grams.

 

Meanwhile, Mumbai-based jeweller Popley & Sons reported steady sales volumes compared to last year, though the overall value was higher.

 

“We’ve seen a clear shift towards diamond jewellery this year. Urban buyers are more inclined to flaunt diamonds, especially with prices being relatively low. A one-carat solitaire now rivals the value of two gold bangles,” said Rajiv Popley, director of Popley Group.