Investing in Gold or Buying Jewellery? Special Report by Motilal Oswal on Akshaya Tritiya Muhurta; Know in detail
- Gold may see ups and downs in the near term,
- The ‘buy when the price falls’ prediction remains
- Discount on gold in domestic market
Akshaya Tritiya 2026 : As India ushers in a new financial year with Akshaya Tritiya, gold is keeping pace with its tradition and the complexities of the world. According to the latest Commodities Insights report by Motilal Oswal Financial Services, gold prices have gained almost 10% so far in 2026, although the journey has been quite volatile due to the big swings in the first quarter.
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Fear of economic slowdown
The report said that gold prices are currently being driven by a number of factors around the world, such as tensions between countries, fears of a slowdown in economic growth and uncertainty about interest rate moves in the US. All these factors are helping gold as a safe-haven investment, but in the meantime, a stronger dollar and rising bond yields are putting pressure on gold. Due to this, the gold prices are seeing a lot of ups and downs without increasing directly.
Gold trend still strong
Navneet Damani, Head of Commodities Research, Motilal Oswal Financial Services, said, “Gold is currently going through a challenging environment globally. Although gold has been under pressure for some time due to interest rate expectations and currency strength, the gold trend remains strong due to uncertainty, inflation concerns and long-term investment demand. For Indian investors, gold is still a reliable source of value, especially when markets are highly volatile.”
Discount on gold in domestic market
In terms of demand, the report said that different trends are being observed in the main markets. Rising prices in India have kept jewelery demand low and people have become very price conscious, leading to a discount on gold in the domestic market. In contrast, demand for gold has remained relatively high due to investment in China. The report also mentions that people in India are now gradually shifting towards physical gold instead of gold financial alternatives like ETFs, which is a sign of the changing mindset of investors.
Improvement in global ETF demand
Citing data from the World Gold Council, the report said that central banks have bought around 860-870 tonnes of gold in 2025, indicating that the buying momentum is continuing, albeit at a slightly slower pace than in previous years. At the same time, global ETF demand has now seen an improvement after an initial outflow of investment, with mixed but positive trends continuing in 2026.
Buying real gold is still important
Manav Modi, Commodities Analyst, Motilal Oswal Financial Services said, “We are witnessing a gradual shift in the way investors are engaging with gold. While buying physical gold on occasions like Akshaya Tritiya is still important, there is clearly a growing appetite for more flexible and transparent investment options. This trend is likely to strengthen further as investors look for both convenience and timely access to funds.”
From an investment perspective, the report said that gold’s long-term position remains strong, as gold remains an important hedge against inflation, currency depreciation and global uncertainty. Historically too, Akshaya Tritiya has been a good time to buy for investors, as gold has always given good and consistent returns despite a slight fall in prices in between.
Gold trading in a large range
Commenting on the future outlook, Navneet Damani, Commodities Research Head, Motilal Oswal Financial Services and Manav Modi, Commodities Analyst, say that gold may trade in a large range in the near term as the market is currently adjusting itself to global cues. Although there is likely to be some price stabilization after the recent price hike, the trend for gold remains positive in the medium to long term. Tensions between countries, a slowdown in the global economy and the possibility of a year-end interest rate cut could support prices, while persistent inflation, a strong dollar and weak demand for physical gold could limit gold’s gains in the near term. The report clearly maintains a ‘buy on dip’ advice for medium to long-term investors. As Akshaya Tritiya approaches, gold continues to be a trusted asset for Indian households, combining tradition and financial security in this increasingly uncertain world.
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