According to the media reports, Indians bought 23-tonne gold on the occasion of Akshaya Tritiya this year, a rise of four tonnes as compared to last year. The National Secretary of the Indian Bullion and Jewellers Association (IBJA), Surendra Mehta confirms this on Wednesday.
Market sources said the bullion market was abuzz on Tuesday, Akshaya Tritiya day and people across the country were excited due to decreased gold process. Let us tell you that Akshaya Tritiya is considered as auspicious for purchasing gold metals.
Ajay Kedia, Director of Kedia Commodity said gold prices may rise further in coming months. On 10th of February, gold prices jumped to 34,041 per 10 grams on the Multi Commodity Exchange (MCX). After that gold prices have only fluctuated.
According to Kedia, Gold rates closed at 31,563 per 10 grams on MCX a day before Akshaya Tritiya on Monday. The reason was 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.
The price of silver in the national capital raised by 375 rupees from the previous session to settle at 38,395 rupees per kilogram.