Akshaya Tritiya 2026: Centre Authorises 15 Banks To Import Gold, Silver - Is It A Good Time To Buy Gold?

The government issued an order on April 17, 2026, belatedly updating the lists of banks authorised to import gold and silver. This has provided a relief to banks previously forced to stop fresh import orders for gold and silver from overseas suppliers because of the delay in notification. Reportedly, around 5 metric tonnes of gold and 8 metric tonnes of silver were stuck at customs without a formal government notification authorising bullion import, which is typically issued at the beginning of the financial year.

The updated list has allowed 15 banks, including the State Bank of India, Bank of India, and HDFC Bank, among others, to import both gold and silver till March 31, 2029. Union Bank of India and SBER Bank have been allowed to import only gold during the period.

The delay in order has sparked fears of domestic supply shortages of bullion ahead of the auspicious occasion of Akshaya Tritiya. India nearly fully depends on overseas purchase of gold for its domestic consumption. It is also the top silver importer, besides being the second-largest gold consumer. Sales during Akshaya Tritiya account for nearly 20 per cent of the total domestic sales in a year.

Gold demand has been modest so far this week due to elevated domestic prices. This has dampened retail investor demand for bullion at a time when gold buying typically surges because of Akshaya Tritiya. Gold prices have surged more than 60 per cent over the past year, as persistent geopolitical tensions had led investors to bulk up on safe haven assets throughout 2025, according to a report by Reuters.

On the multi-commodity exchange (MCX), gold futures were trading flat at Rs 1.53 lakh for 10 grams on April 17. Meanwhile, silver futures were trading over 1 per cent higher at Rs 2.52 lakh per kg.

“Gold is currently navigating a complex global environment. While there are phases of pressure due to interest rate expectations and currency strength, the broader outlook remains supported by uncertainty, inflation concerns, and long-term investment demand. For Indian investors, gold continues to serve as a reliable store of value, especially during periods of volatility,” said Navneet Damani, head of research – commodities, Motilal Oswal Financial Services.

According to market experts, the recent correction in bullion prices presents an investment opportunity for retail investors aiming for long-term returns, though geopolitical tensions cloud the near-term outlook for precious metals.