Gold price past Rs 32k mark: Brace for costliest Akshaya Tritiya ever!

Mumbai-India (Apr 15)  Planning to go for some gold shopping on Akshaya Tritiya next week? You may have to shell out more than you have splurged on this auspicious day in the past. This year’s Akshaya Tritiya, on April 18, is expected to be the costliest ever as gold prices are likely to remain firm amid escalating tension between Syria and the US.

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The yellow metal was quoted at Rs 32,300 per 10 grams on Saturday in Ahmedabad. This is the highest price level ever recorded in the runup to Akshaya Tritiya in recent history as gold prices have never crossed the Rs 30,000 per 10 grams mark on this particular day in the past. Previously, Akshaya Tritiya, on May 9, 2016, saw gold price reaching a high of Rs 29,860 per 10 grams.

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"If the gold price continues to rally over the next three 3-4 days, the price will be the highest on Akshaya Tritiya. International prices of gold were already high due to the US-China trade war. With the Syria-US tension escalating, gold prices will further increase as the markets open on Monday,” said Haresh Acharya, secretary, Bullion Federation of India.

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Notwithstanding firm gold prices, jewellers are optimistic about buoyant sales on Wednesday as investors are likely to lap up the yellow metal given the likelihood of further price rise after the festival. Last year, gold prices settled at Rs 28,861 per 10 grams plus taxes. In 2018, the opening price of gold was Rs 28,500 per 10 grams.

TheTimesOfIndia