Akshaya Tritiya Gold Price Outlook: Experts Predict Positive Trends and Investment Opportunities

As Akshaya Tritiya approaches, gold enthusiasts in India are eagerly anticipating the auspicious occasion to make their purchases. With gold prices showing a remarkable 16% return since the previous Akshaya Tritiya in 2023, the cost of 10 grams of gold has surged to over Rs 71,100, up from Rs 59,845.

Experts suggest that despite the current price being slightly below its all-time highs, Akshaya Tritiya presents a favorable opportunity for investors to add gold to their portfolios. A study of gold price trends since 2014 reveals a mixed performance leading up to the festival, with positive returns on eight occasions and the highest return of 32% in 2020.

Navneet Damani, Group Senior Vice President of Commodity and Currency Research at MOFS, notes that gold and silver have seen a northward movement in Q1 2024, outperforming other major asset classes. Naveen Mathur, Director of Commodities & Currencies at Anand Rathi Shares and Stock Brokers, highlights a 17-18% increase in gold prices since the last festival date, with a strong trend continuing in the first quarter of the year.

Looking ahead, experts predict that gold prices are likely to remain steady during the festival season, with a consolidation range of Rs 69,800 – 72,900 in futures contracts on MCX. Despite not expecting new record highs in the near term, investors remain optimistic about the long-term value of their investments.

Anuj Gupta, Head of Commodity & Currency at HDFC Securities, advises investors to consider investing in gold in a staggered manner, with favorable entry points around Rs 69,000-Rs 69,500. He sees room for further upside, with prices expected to reach Rs 80,000-Rs 85,000 by the next Akshaya Tritiya.

Overall, the outlook for gold prices remains positive, with various investment options available for market participants to capitalize on the potential price rise. As Akshaya Tritiya approaches, investors are gearing up to make their purchases and take advantage of the festive season to add gold to their investment portfolios.