Tirumala Tirupati received 1,031 kg of gold in 2023 even as prices soar to all time high

Despite the soaring prices of gold this year, devotees remain undeterred in their offerings to the Tirumala Tirupati Devasthanams (TTD), the world's wealthiest Hindu temple trust.

According to a report, donations of gold to the presiding deity, Sri Venkateswara Swamy, have been on the rise. TTD records indicate a deposit of 1,031 kg of gold valued at Rs 773 crore in 2023, the report in Times of India claimed.

The trust currently holds 11,329 kg of gold worth Rs 8,496 crore in various nationalized banks through the gold monetization scheme. This surge in gold donations coincides with the metal's unprecedented price hike, reaching over $2,400 per ounce on April 12 this year.

Despite global uncertainties, including the onset of the Covid-19 pandemic in 2020, TTD has received nearly four tonnes of gold in the last four years, averaging one tonne annually.

Gold prices have surged in recent times amid middle east tesnsions and war between Russia and Ukraine. In the last one month, gold prices in India have shot up by 10.6%.

On Thursday, gold prices were Rs 73,700 per 10 grams in the national capital. The precious metal had settled at Rs 73,950 per 10 grams in the previous session.

High rates hurt prices for all kinds of investments and raise the risk of a recession in the future.