Gold prices rise on Akshaya Trithiya
Gold today surged by Rs 140 per 10 gram to regain the 15,000-mark after a month in the bullion market here on hectic buying by jewellers to meet the surge in retail demand on Akshaya Trithiya, an auspicious day in Hindu calendar for new purchase of long-term assets.
Standard gold and ornaments spurted by Rs 140 each to Rs 15,030 and Rs 14,880 per 10 gram, respectively and sovereign gained Rs 50 at Rs 12,450 per piece of eight gram. Market men said heavy buying by retail customers for the Akshaya Trithiya festival led to the rise in gold prices. The uptrend was also due to a firming trend in the international markets, which normally set price trend in the domestic markets here.
Gold in the Asian region climbed 0.6 per cent to 918.55 dollar an ounce. Market men said the precious metal rose to four-week high level of Rs 15,000 per 10 gram and it was largely on account of festive buying by retail customers. The firming trend was extended to silver as its ready variety shot up by Rs 325 to Rs 21,825 per kg and weekly-based delivery by Rs 345 to Rs 21,525 per kg. Silver coins also rose by Rs 300 to Rs 28,300 for buying and Rs 28,400 for selling of 100 pieces.
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