Akshaya Tritiya buying, global cue spur gold price
Traders said besides token purchases on the auspicious occasion of Akshaya Tritiya', a firm trend overseas mainly kept gold prices higher.
New Delhi: Gold prices rose by Rs 30 to Rs 29,480 per 10 grams at the bullion market on Friday largely due to token purchases on the auspicious occasion of ‘Akshaya Tritiya’.
A firming trend overseas too supported the upside, traders said. However, silver remained under selling pressure and lost another Rs 200 at Rs 40,500 per kg due to reduced offtake by industrial units and coin makers.
Traders said besides token purchases on the auspicious occasion of ‘Akshaya Tritiya’, a firm trend overseas mainly kept gold prices higher.
Akshaya Tritiya is considered to be an auspicious day to purchase gold. “Sale of precious metals, particularly gold and diamond are up about 10 per cent largely on the back of token purchases by retailers and jewellers on the auspicious occasion of Akshaya Tritiya,” said Rakesh Anand of Delhi-based R.K. Jewellers.
Over in Hyderabad, gold jewellers are hoping to attract customers with special offers for Akshaya Trithiya.
President of Telangana Archaka Sangam Mr. Gangu Bhanumurthy said that Akshaya Trithiya was scheduled on Saturday as per the Hindu calendar. “Few jewelers have announced Friday as the event, but, as per the Hindu calendars, Saturday is the Vaisakha Sudda Trithiya,” he said.