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Gold prices have been declining recently, despite the strong demand seen around Akshaya Tritiya. Let's check the latest prices of 10 grams of 22 carat and 24 carat gold in major cities of the country on May 1:

Gold purchases made on Akshaya Tritiya are regarded as auspicious, believed to bring luck and success in material matters. This is why it ranks as the largest gold buying day in India, along with Dhanteras.

"Gold prices came under heavy selling pressure...The sharp decline follows renewed optimism over global trade deals, particularly between the US and China, which has significantly reduced safe-haven demand for gold...After a stellar 14% rally in April driven by tariff tensions, gold now faces the possibility of a 4–5% correction as the market begins to price in the easing of trade risks. A confirmed US-China deal could be a major bearish trigger in the near term," said Jateen Trivedi from LKP Securities.

Also read: 'Gold is only insurance against dollar, not an investment option,' says Macquarie's Viktor Shvets

“Anyone looking to invest now should do so from a long-term asset allocation perspective, and not just for short-term gains. In the current scenario, invest in a staggered manner with an eye on potential opportunity due to market volatility or dips,” said Siddharth Srivastava, Head - ETF Product & Fund Manager, Mirae Asset Investment Managers (India).

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

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