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 Jewellers Association (IBJA), on Wednesday.
Market sources said the bullion market was abuzz on Tuesday and people across the country were excited due to decreased gold prices.
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.
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.
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.
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. The price of 24-carat gold rose by Rs 255 to Rs 32,850 per 10 grams.
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. An increase of Rs 310 could be seen in the price of gold in Delhi. The price is inclusive of three per cent Goods and Services Tax.
The price of silver in the national capital rose by Rs 375 from previous session to settle at Rs 38,395 per kilogram.
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