Gold Sales Dip in Chennai During Akshaya Tritiya Amid High Prices and Election Seizures

Gold purchases in Chennai significantly declined during the auspicious Akshaya Tritiya festival on April 19, 2026, driven by a combination of record-high gold prices and anxiety over strict election enforcement. With 22-carat gold priced at ₹14,360 per gram, many buyers deferred or scaled down traditional big-ticket investments. The upcoming Assembly elections further dampened sentiment, as authorities seized gold assets worth nearly ₹74.18 crore in the preceding two weeks under the Model Code of Conduct. Industry representatives from the Madras Jewellers and Diamond Traders Association highlighted that cash-carrying restrictions limited customers to purchasing only small quantities, despite requests to increase limits. While large retailers reported steady footfalls and a shift toward lightweight jewelry and digital transactions, independent goldsmiths faced a severe downturn, with job orders dropping to 30% of usual volumes. Experts suggest that geopolitical tensions contributing to price volatility may ease in the coming months, potentially stabilizing the market. However, the immediate impact reflects a cautious consumer base navigating financial constraints and regulatory pressures during a traditionally high-demand period.