India’s demand for physical gold was significantly lower during Akshaya Tritiya, the second-largest festival for buying gold after Dhanteras.

Dealers offered discounts to prevent retail consumers from purchasing at nearly record-high prices.

Over 21% of prices have increased since the previous Akshaya Tritiya festival.

Indian dealers were offering discounts of up to $7 per ounce above official domestic pricing.

Gold was sold in Singapore and Hong Kong at prices ranging from $2.50 premiums to benchmark prices.

The latest price hikes have severely impacted retail purchasers’ purchasing capacity.