Gold prices to rise after conflict, claims Karnataka jewellers’ association chief

Bengaluru

“When the war ends, gold prices are likely to rise. During periods of conflict, the market experiences constant fluctuations driven by global uncertainties. Ultimately, prices are determined by international market trends,” said T. A. Sharavana, owner of Shree Sai Gold Palace, Basavanagudi, president of the Karnataka Jewellers Association, and Member of the Karnataka Legislative Council, in an exclusive interview with News Trail. He noted that gold prices could surge significantly once the ongoing US–Israel–Iran conflict ceases. According to him, the current volatility is largely a result of the geopolitical situation.

He added that, as India relies heavily on gold imports, domestic prices are inevitably influenced by global developments. Despite rising prices, Sharavana said gold continues to remain a preferred asset in India, owing to its cultural significance and liquidity. “Gold can be readily converted into cash in times of need, making it a reliable and safe investment,” he said, adding that consumer demand has remained resilient. He observed a similar trend in silver purchases, which have not declined substantially despite price increases.

Addressing concerns about the future of traditions associated with Akshaya Tritiya, Sharavana ruled out any decline in their relevance. “The festival was celebrated even before widespread publicity. With greater media attention now, these traditions are likely to continue,” he said. Highlighting evolving consumer preferences, he said the brand is adapting by offering lightweight, budget-friendly jewellery, also referred to as “paper gold”.

However, he stressed that traditional designs continue to perform strongly. Comparing prices year-on-year, Sharavana pointed out that gold has risen from Rs 7,500 per gram during last year’s Akshaya Tritiya to Rs 14,500 this year, while silver has increased from Rs 100 to Rs 250 per gram. He also announced festive offers, including one gram of silver free with every one gram of gold purchased and a complimentary silver Lakshmi idol for purchases worth Rs 50,000. “We began pre-bookings a month ago, and there has already been a strong response,” he said.