Business

IIE DIGITAL DESK : The April 29, 2025, gold prices in India experienced a significant decline, with rates dropping by ₹630 per 10 grams, just a day before the auspicious festival of Akshaya Tritiya. This decrease comes after a period of high prices, offering a potential opportunity for buyers looking to invest in the precious metal during the festival.

In Delhi, the price of 24-carat gold stood at ₹97,693 per 10 grams, while 22-carat gold was priced at ₹89,563 per 10 grams. Mumbai reported similar rates, with 24-carat gold at ₹97,547 and 22-carat at ₹89,417 per 10 grams. Chennai's rates were ₹97,541 for 24-carat and ₹89,411 for 22-carat gold per 10 grams. Bengaluru also saw comparable prices, reflecting the nationwide trend.  

The drop in gold prices is attributed to easing global trade tensions, particularly between the U.S. and its trading partners. Positive developments in trade negotiations have reduced the metal's appeal as a safe-haven asset, leading to a decrease in international gold prices. Spot gold was down 0.8% at $3,314.99 per ounce, while U.S. gold futures fell 0.7% to $3,325.10.  

Despite the price drop, demand for gold remains strong ahead of Akshaya Tritiya, a festival traditionally associated with gold purchases. However, the quantity of gold purchased by customers has declined compared to previous years, due to a 35–37 per cent increase in prices. But this won't affect the overall sales as the prices are at a record high this year. 

In the domestic futures market, gold prices also saw a decline. MCX Gold June 5 contracts traded 0.84% down at ₹95,219 per 10 grams around 9:15 AM. Experts suggest that gold prices may remain volatile in the near term, influenced by global economic indicators and investor sentiment. 

Investors and buyers are advised to stay informed about market trends and consult with financial advisors before making significant purchases. While the current dip offers a potential buying opportunity, market dynamics can change rapidly, and it's essential to consider long-term investment goals.

As Akshaya Tritiya approaches, many are expected to take advantage of the lower prices to invest in gold, continuing the tradition of purchasing the metal during this auspicious time. Whether for cultural reasons or investment purposes, the current market conditions present a unique scenario for potential buyers.