Recently Indians bought 23 tonne gold on the occasion on Akshaya Tritiya this year, a rise of four tonne as compared to the previous year, said Surendra Mehta, National Secretary of the india Bullion and Jewelers Association (IBJA), on Wednesday. Furthermore Akshaya Tritiya is considered auspicious for purchasing precious metals. ajay Kedia, Director of Kedia Commodity, said gold prices may rise further in the coming months. Meanwhile on February 20, gold prices had jumped to Rs. 34,031 per 10 grams on the Multi Commodity Exchange (MCX). After that, gold prices have widely fluctuated.
Furthermore Mr. Kedia said that gold closed at Rs. 31,563 per 10 grams on MCX a day before Akshaya Tritiya on Monday, and because of the low prices there was a buying frenzy. Because of hectic buying on Akshaya Tritiya, gold and silver prices saw a sharp rise on Wednesday. Apparently in the mumbai bullion market on Wednesday, the price of 22-carat gold was Rs. 32,700 per 10 grams, an increase of Rs. 255 from last session and currently the price of 24-carat gold rose by Rs. 255 to Rs. 32,850 per 10 grams.
Moreover in delhi, the price of 22-carat gold was Rs. 32,750 per 10 grams and 24-carat gold was at Rs. 32,900 per 10 grams. Hence an increase of Rs. 310 could be seen in the price of gold in delhi and the price is inclusive of three per cent Goods and Services Tax and the price of silver in the national capital rose by Rs. 375 from previous session to settle at Rs. 38,395 per kilogram.
