People at a jewellery shop in T. Nagar, in Chennai on Wednesday, for Akshaya Tritiya.
| Photo Credit: R. Ravindran

Gold and silver purchases for Akshaya Tritiya gathered momentum on Wednesday (April 30, 2025) afternoon, with jewellers expecting sales volumes to remain steady despite record high prices.

The All India Gem and Jewellery Domestic Council (GJC) anticipates a 35% jump in value terms compared to last year.

Gold was trading at ₹98,550 per 10 grams (including taxes) in Delhi on Wednesday, up from ₹72,300 during last year’s festival.

Buying precious metal on Akshaya Tritiya is a tradition widely followed in south India that has gradually spread across the country with increased awareness.

“We expect gold sale to remain steady at last year’s level of 20 tonnes. However, in value terms, we see 35% increase in gold sale today,” GJC Chairman Rajesh Rokde told PTI.

Shopping began early in south India, while northern regions saw increased footfall in the latter half of the day. An unexpected trend emerged with higher demand for gold mangal sutras and chains, alongside brisk silver sales, particularly for utensils, he said.

With the wedding season commencing during Akshaya Tritiya, demand is expected to rise significantly in the coming days.

Rokde noted that even consumers aged 25-40 are buying gold and silver, an emerging trend amid sharp rises in precious metal rates. Consumers are purchasing jewellery, coins, and bars based on necessity and budget.

“Affordability has been impacted due to rise in gold prices. However, there is strong buying sentiment due to Akshaya Tritiya,” World Gold Council India CEO Sachin Jain said.

PNG Jewellers’ Chairman Saurabh Gadgil reported that nearly 50 per cent of purchases involve old gold exchanges, allowing customers to manage budgets while maintaining festival and wedding traditions.

Kama Jewelry Managing Director Colin Shah said, “Overall, a 10-15% rise is sales was witnessed as compared to last year.” GSI India Managing Director Ramit Kapur noted an uptick in studded jewellery across key Indian markets, while Aukera CEO Lisa Mukhedkar highlighted the growing importance of lab-grown diamonds during this year’s festival.

The Confederation of All India Traders projects sales of approximately 12 tonnes of gold worth ₹12,000 crore and 400 tonnes of silver valued at ₹4,000 crore, totalling an estimated Rs 16,000 crore in business.

Buying of gold will continue till late in the evening on Wednesday.

Experts observe that gold demand has remained resilient over the past three years despite reaching new price peaks.

India imports 700-800 tonnes of gold annually.

The Central Board of Direct Taxes (CBDT) has officially notified the income tax return (ITR) forms 1 and 4 for the financial year 2024–25. These forms shall be used for reporting incomes earned between 1 April 2024 and 31 March 2025, that is for the assessment year 2025–26.The government is expected to release the other ITR forms soon.
A key update this year is the inclusion of long-term capital gains from listed equity shares and equity mutual funds in the ITR-1 form. Until now, taxpayers with any capital gains had to use ITR-2. With this change, salaried individuals with basic capital gains up to Rs 1.25 lakh under Section 112A can now file their returns using ITR-1.

Who can use ITR-1?

ITR-1 is meant for resident individuals with total income up to Rs 50 lakh, income from salary, one house property, and other sources like interest. It also covers agricultural income up to Rs 5,000.
ITR-1 form cannot be used for capital gains from the sale of house property or short-term capital gains from listed equity shares and equity mutual funds.
Similarly it cannot be used by individuals who are directors in a company, have invested in unlisted equity shares, have had TDS deducted under section 194N, have deferred income-tax on ESOPs, or own assets (including financial interests in any entity) outside India.

Who can file ITR-4?

The ITR-4 form for the financial year 2024-25 (assessment year 2025-26) is available for individuals, Hindu Undivided Families (HUFs), and firms (excluding LLPs) who are residents of India.
To be eligible, their total income should not exceed Rs 50 lakh. They must also have income from business or profession, calculated under sections 44AD, 44ADA, or 44AE of the Income Tax Act.
Additionally, if they have long-term capital gains from the sale of listed equity shares or equity mutual funds under section 112A, up to Rs 1.25 lakh, they can use this form to file their tax returns.
However, ITR-4 cannot be used by individuals who are directors in a company, have invested in unlisted equity shares, or have deferred income-tax on ESOPs. Additionally, those with agricultural income exceeding Rs 5,000 or assets (including financial interest in any entity) located outside India are not eligible to file using ITR-4.

An employee counts Indian rupee currency notes inside a private money exchange office in New Delhi July 5, 2013. India’s central bank was seen selling dollars via state-run banks on Friday as the rupee approached its record low of 60.76 seen on June 26, four dealers said. REUTERS/Adnan Abidi (INDIA – Tags: BUSINESS)
| Photo Credit: Reuters

The rupee surged 38 paise to 84.58 (provisional) against the U.S. dollar on Wednesday (April 29, 2025) as trade-deal hopes and foreign fund inflows boosted investor sentiments.

U.S. President Donald Trump’s statement that tariff talks with India are in a positive direction enthused investors, forex dealers said.

However, geopolitical tensions between India and Pakistan and a muted sentiment in domestic equities weighed on investor sentiments.

At the interbank foreign exchange, the domestic unit opened at 85.15 and moved between the intra-day high of 84.47 and the low of 85.15 against the greenback. The unit ended the session at 84.58 (provisional), registering a gain of 38 paise over its previous closing level.

On Tuesday (April 29, 2025), the rupee gained 27 paise to settle at 84.96 against the U.S. dollar.

Meanwhile, Mr. Trump said negotiations with India over a bilateral trade deal are “coming along great”, and he thinks Washington will “have a deal” with New Delhi.

Mr. Trump made the remarks on Tuesday (April 29, 2025) while speaking to reporters before departing the White House for a rally in Michigan, marking the first 100 days of his second administration.

“India is coming along great. I think we’ll have a deal with India,” said the President.

“Prime Minister (Narendra Modi), as you know, was here three weeks ago, and they want to make a deal. We’ll see what happens,” he added.

Prime Minister Modi visited the White House in late February.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading higher by 0.20% at 99.44.

Brent crude, the global oil benchmark, fell 0.81% to $63.73 per barrel in futures trade.

In the domestic equity market, the 30-share BSE Sensex declined 46.14 points, or 0.06%, to close at 80,242.24, while the Nifty fell 1.75 points or 0.01% to settle at 24,334.20.

Foreign institutional investors (FIIs) bought equities worth ₹2,385.61 crore on a net basis on Tuesday (April 29, 2025), according to exchange data.

Meanwhile, the Cabinet Committee on Security (CCS), chaired by the Prime Minister, is understood to have deliberated on the overall security situation in Jammu and Kashmir on Wednesday (April 30, 2025) amid speculations about India’s possible retaliation to the Pahalgam terror attack in view of its cross-border linkages.

The CCS meeting was held at the Prime Minister’s Lok Kalyan Marg residence, a day after he held a meeting with the top military brass and accorded operational freedom to the armed forces on the “mode, targets and timing” of India’s response to the April 22 attack that killed 26 people.

It was attended by Defence Minister Rajnath Singh, Home Minister Amit Shah and External Affairs Minister S. Jaishankar, people familiar with the matter said.