From around Rs 97,910 per 10 grams on April 30, 2025, prices have surged to about Rs 1.55 lakh per 10 grams in early April 2026, marking a gain of nearly 58.7% in less than a year. Silver, however, has stolen the spotlight. Rising from roughly Rs 1 lakh per kg at the time of last Akshaya Tritiya to nearly Rs 2.70 lakh per kg now, the metal has delivered returns of about 160%, almost three times that of gold over the same period.
The rally has not been limited to physical metals. Gold jewellery stocks have also seen a strong run, with some names rising as much as 100% since last year’s Akshaya Tritiya. Thangamayil Jewellery has led the pack, while Titan Company and Goldiam International have gained over 30% each during the same period. Domestic sales for the sector jumped 32–124% year-on-year in the March quarter this financial year, and the momentum is expected to sustain with strong footfalls during the ongoing wedding season and ahead of Akshaya Tritiya on April 19.
So where should investors place their bets this Akshaya Tritiya?
Fundamentally, silver continues to enjoy strong tailwinds. Demand from sectors such as solar energy, electric vehicles and electronics remains robust, while supply-side constraints support its constructive medium- to long-term outlook. That said, its higher volatility cannot be ignored. Experts suggest a staggered accumulation strategy may be more prudent, allowing investors to balance its higher return potential with the need for risk management.
Gold, on the other hand, remains a steady long-term play. Arun Narayan, chief executive of Tanishq, the jewellery division of Titan, told The Economic Times that buyers could advance purchases for the April–July wedding season by booking orders on Akshaya Tritiya if the recent softness in prices persists. He expects advance bookings to pick up, especially if prices remain relatively subdued, prompting fence-sitters to step in. He also highlighted the growing role of old gold exchanges, which now account for more than 50% of Tanishq’s sales, a trend likely to continue during the festive buying period.Kaveri More, commodity analyst at Choice Broking, noted that while 2025 saw volume declines of 15–30% alongside value growth of 15–25% due to high prices, early 2026 is witnessing steady demand. She pointed to strong traction in lightweight jewellery and digital gold, as consumers look to take advantage of the recent correction ahead of Akshaya Tritiya. Her advice remains consistent: accumulate on dips, given the positive long-term outlook despite uncertainties linked to the Iran conflict.Gold’s longer-term track record also remains compelling. Over the past five years, it has consistently delivered positive year-on-year returns around Akshaya Tritiya. The last two years have been particularly strong, with gains of about 40% and 47% in dollar terms. In 2026, however, volatility has been pronounced, with Comex gold hitting a record high of $5,598 in late January before correcting sharply to $4,098 on March 23, largely due to profit booking and ETF outflows.
Tata Mutual Fund has reiterated its positive stance on gold, citing supportive fundamentals and persistent global uncertainties. It believes any price correction driven by a stronger dollar or easing geopolitical tensions should be viewed as an opportunity to accumulate.
As Akshaya Tritiya arrives, the choice between gold, silver and gold stocks ultimately comes down to risk appetite. Gold offers stability and steady compounding, silver brings higher return potential with added volatility, and jewellery stocks provide a leveraged play on demand recovery.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
