Gold Demand in India Remains Subdued Ahead of Akshaya Tritiya

Gold demand in India remained modest during the week as elevated domestic prices discouraged retail purchases ahead of the Akshaya Tritiya festival, according to a Business Standard report. Traditionally, buying activity picks up before the festival, but this year, consumer interest has been cautious.

Gold prices touched the highest level in a month earlier in the week, increasing price sensitivity. Market participants cited a combination of high prices and import disruptions affecting overall sentiment.

Domestic Demand Ahead of Akshaya Tritiya

Retail gold demand in India has not seen the usual pre‑festival momentum ahead of Akshaya Tritiya on April 19, 2026. Jewellers reported that buyers, who generally pre‑book gold, have delayed purchases due to elevated prices.

Akshaya Tritiya is the second‑largest gold‑buying occasion after Dhanteras and is considered auspicious for gold purchases. Despite this seasonal significance, higher price levels have weighed on consumer decisions.

Premiums, Discounts and Price Trends

Dealers quoted discounts of up to $4 an ounce this week, compared with discounts of up to $6 an ounce last week. Some sellers quoted premiums of as much as $14 an ounce over official domestic prices, aided by limited festival‑related demand, compared with premiums of $9 last week.

Domestic gold prices were around ₹1,53,200 per 10 grams on Friday. Prices had earlier touched ₹1,55,065 per 10 grams, the highest level in a month.

Import Constraints and Bank Activity

Indian banks have temporarily halted gold and silver import orders due to the absence of a formal government authorisation for bullion imports. As a result, tonnes of precious metals are reportedly stuck at customs, according to trade sources.

In normal circumstances, restricted imports tend to push premiums sharply higher. However, weaker demand and selling from exchange‑traded funds have prevented a significant rise in premiums.

China Market Premiums

In China, the world’s largest gold consumer, premiums showed limited movement during the week. Bullion traded at premiums ranging between $3 and $6 an ounce over global benchmark prices.

This was broadly unchanged from last week’s range of $3 to $5 an ounce. Stable premiums indicate balanced demand conditions despite international price volatility.

Read More: India’s Gold Imports Jump 29% To $69 Billion In FY26.

Conclusion

Overall gold demand conditions across major Asian markets remained measured during the week. In India, high domestic prices and import‑related constraints outweighed the usual seasonal boost from Akshaya Tritiya.

Premiums and discounts reflected subdued buying interest despite festival proximity. Meanwhile, steady premiums in China pointed to relatively stable market conditions amid global uncertainty.

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