Follow Us:

Gold shines on Akshaya Tritiya buying, global cues

PTI | New Delhi |

Gold prices rose by Rs.30 to Rs.29,480 per 10 grams at the bullion market today 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.

Globally, rose 0.14 per cent to USD 1,265.30 an ounce in Singapore.

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.

In the national capital, gold of 99.9 and 99.5 per cent purity advanced by Rs.30 each to Rs.29,480 and Rs.29,330 per 10 grams, respectively. It had gained Rs.100 on Thursday.

Sovereign, however, remained flat at Rs.24,400 per piece of eight grams in limited deals.

On the other hand, silver ready fell by Rs.200 to Rs.40,500 per kg and weekly-based delivery declined by Rs.340 to Rs.39,620 per kg.

Silver coins, however, held steady at Rs.70,000 for buying and Rs.71,000 for selling of 100 pieces.