Gold climbs ₹1,050 on Akshaya Tritiya eve

Gold prices climbed Rs 1,050 to Rs 99,450 per 10 gm in the national capital on Tuesday on the back of fresh buying by jewellers and stockists ahead of Akshaya Tritiya, according to the All India Sarafa Association. Akshaya Tritiya, which is celebrated on the third day of bright half of Hindu calendar month Vaisakha, falls on April 30 this year.

On Monday, the precious metal of 99.9 per cent purity declined Rs 1,000 to Rs 98,400 per 10 grams. Gold of 99.5 per cent purity jumped Rs 1,100 to Rs 99,000 per 10 grams against the previous close of Rs 97,900 per 10 grams.

So far this year, the yellow metal prices have added Rs 20,500 per 10 grams or 26 per cent from Rs 78,950 on December 31, last year.

In addition, silver prices also bounced Rs 3,500 — the steepest in nearly three weeks — to trade near an all-time high at Rs 1,02,000 per kg on Tuesday.

The white metal had closed at Rs 98,500 per kg in the previous market session. On March 19, silver prices rose Rs 1,000 to hit an all-time high of Rs 1,03,500 per kg. According to experts, the gold market is humming with excitement on the auspicious occasion of Akshaya Tritiya. Akshaya Tritiya holds immense cultural significance in India, traditionally marking a surge in gold purchases.

Experts said, this year, despite elevated prices, they anticipate a robust demand, driven by lightweight items, even with the higher prices. In order to stimulate market demand, the industry is providing a wide choice of products that suit different tastes and price ranges.

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