Gold Climbs ₹1,050 To ₹99,450/10 Gm, Silver Bounces ₹3,500 Ahead Of Akshaya Tritiya

New Delhi: Gold prices climbed Rs 1,050 to Rs 99,450 per 10 grams in the national capital on Tuesday on the back of fresh buying by jewellers and stockists ahead of Akshaya Tritiya, according to the All India Sarafa Association.

Akshaya Tritiya, which is celebrated on the third day of bright half of Hindu calender month Vaisakha, falls on April 30 this year.

On Monday, the precious metal of 99.9 per cent purity declined Rs 1,000 to Rs 98,400 per 10 grams.

Gold of 99.5 per cent purity jumped Rs 1,100 to Rs 99,000 per 10 grams against the previous close of Rs 97,900 per 10 grams.

So far this year, the yellow metal prices have added Rs 20,500 per 10 grams or 26 per cent from Rs 78,950 on December 31, last year.

In addition, silver prices also bounced Rs 3,500 -- the steepest in nearly three weeks -- to trade near an all-time high at Rs 1,02,000 per kg on Tuesday. The white metal had closed at Rs 98,500 per kg in the previous market session.

On March 19, silver prices rose Rs 1,000 to hit an all-time high of Rs 1,03,500 per kg.

According to experts, the gold market is humming with excitement on the auspicious occasion of Akshaya Tritiya. Akshaya Tritiya holds immense cultural significance in India, traditionally marking a surge in gold purchases.

Further, experts said this year, despite the elevated prices, they anticipate a robust demand this year, driven by lightweight items, even with the higher prices. In order to stimulate market demand, the industry is providing a wide choice of products that suit different tastes and price ranges.

While the current price levels might prompt some to exercise caution, the inherent cultural significance of gold during Akshaya Tritiya, coupled with its enduring status as a reliable asset, suggests continued positive momentum in buying, they added.

Meanwhile, spot gold traded 1 per cent lower at USD 3,311 per ounce in the overseas markets.

"Gold traded weak, while Comex gold slipped to around USD 3,310 per ounce as profit booking set in. The softness comes amid growing optimism around potential trade agreements between the US and countries like India and Japan, reducing trade war jitters and safe-haven demand," Jateen Trivedi, VP Research Analyst of Commodity and Currency at LKP Securities, said.

Spot silver in the Asian market hours rose 0.36 per cent to USD 33.28 per ounce.

According to Kotak Securities' AVP-Commodity Research Kaynat Chainwala, investor focus shifts to the macroeconomic data, including US JOLTS job openings report and the Conference Board Consumer Confidence Index to be released later in the day.

The data release may shed light on the broader economic impact of US President Donald Trump's ongoing trade conflict, Chainwala said.

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