Akshaya Tritiya: Gold Rate Today Rises Marginally
- Gold rate today (Akshaya Tritiya 2018) has risen by over 9 per cent since Akshaya Tritiya last year. (Should you buy gold today?)
- In the national capital, gold of 99.9 per cent and 99.5 per cent purity traded higher by Rs 30 each to Rs 32,380 and Rs 32,230 per 10 grams, respectively, Press Trust of India reported. In Mumbai, gold rate today rose by Rs 135 to Rs 31,290 per 10 grams whileÂ
silver rescaled the Rs 39,000 mark by jumping Rs 620 to Rs 39,565 per kg, according to the agency. (Also Read: Online Offers on Gold, Diamond Jewellery From Amazon, Flipkart, Snapdeal Caratlane) - Gold prices had gained Rs 350 in the previous session. Silver strengthened by Rs 150 at Rs 40,450 per kg largely in step with gold. (Also read: SBI offers discount, cashback on gold jewellery purchases using its debit cards | SBI gold deposit scheme)
- The rupee slipped to 65.78 against the US dollar on Wednesday, a level last seen on March 15, 2017. On Tuesday, the rupee had closed 15 paise lower to end at a 7-month low of 65.64 against the greenback.
- Weakness in the rupee against the US dollar makes imports of gold costlier.
- In the international market, gold prices slipped on Wednesday after rising for three straight sessions as investors opted for riskier assets. The dollar index, which measures the greenback against a basket of currencies, was up 0.2 per cent.
- Spot gold rate today down 0.3 per cent at $1,343.31 per ounce in recent trade. Gold prices had surged to $1,365.23 per ounce last week, their highest since January 25, on heightened tensions over Syria and US sanctions on Russia.
- All India Sarafa Association vice-president Surinder Kumar Jain said, "Akshaya Tritiya has boosted the sales of jewellery and other gold items by almost 15 per cent today and is expected to pick up later in the day."
- "Customers are only making symbolic purchases in gold coins or very small jewellery items to mark the auspicious occasion (Akshaya Tritiya). Barring that, the outlook is not very bright since morning among the retailers," Mumbai Jewellers Federation President Rakesh Shetty said.
- "The gold market is more stable now following the remonetisation of the economy," World Gold Council (India) managing director PR Somasundaram said. With the significantly improved compliance following the transition to the GST environment and other aspects, "activity points to the return of positive sentiments", he added.
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