Gold prices shine on jewellers buying ahead of Akshaya Tritiya

New Delhi-India (Apr 17)  Gold prices staged recovery at the bullion market on Tuesday, climbing Rs350 to Rs32,350 per 10 grams on pick up in buying by local jewellers amid firm global cues. Silver prices too rebounded by Rs400 to Rs40,300 per kg on increased offtake by industrial units and coin makers.

Bullion traders attributed the recovery in gold prices to increased buying by local jewellers to meet retailers demand ahead of ‘Akshya Tritiya’ at the domestic spot market and a firm trend overseas following diversion of funds towards the safe-havens.

The rupee’s depreciation against the dollar also supported the upmove in the precious metal prices, they said. Globally, gold rate rose 0.01% to $1,345.50 an ounce and silver by 0.06% to $16.64 an ounce in New York on Monday.

At the national capital, gold of 99.9% and 99.5% purity shot up by Rs350 each to Rs32,350 and Rs32,200 per 10 grams, respectively. It had lost Rs100 on Monday. Sovereign also gained by Rs100 to Rs24,900 per piece of eight grams.

Tracking the movement in gold, silver ready bounced back by Rs400 to Rs40,300 per kg and weekly-based delivery by Rs290 to Rs39,240 per kg. Silver coins too spurted by Rs1,000 to Rs75,000 for buying and Rs76,000 for selling of 100 pieces.

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