• Source:JND
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Gold, Silver Rate Today: The bullion prices soared sharply ahead of Akshaya Tritiya on Wednesday. In the national capital, silver prices surged by Rs 11,800 to Rs 2.57 lakh per kg while gold advanced by Rs 3,000 to Rs 1.58 lakh per 10 grams on Wednesday. The rally in the precious metals rates was driven by fresh buying interest in the retail market from jewellers and stockists ahead of the auspicious festival.

Akshaya Tritiya is one of the key festivals for buying precious metals, considered a good and prosperous practice. This year, the festival will be celebrated on April 19.

According to the All India Sarafa Association, silver prices rose by Rs 11,800 or 4.81 per cent to Rs 2,57,000 (inclusive of all taxes) per kg, compared to Monday's closing price of Rs 2,45,200 per kg.

Meanwhile, gold prices (99.9 per cent purity) rose by Rs 3,000 or nearly 2 per cent to Rs 1,58,000 (inclusive of all taxes) per 10 grams, compared to the previous day's closing price of Rs 1,55,000 per 10 grams.

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The local bullion market was closed on Tuesday due to a holiday on the occasion of Ambedkar Jayanti. Traders attributed the steep rise to pre-festive buying amid expectations of strong retail demand.

"Akshaya Tritiya continues to be one of the most significant periods for the jewellery industry, driven by both tradition and the enduring value of gold. While gold prices have seen volatility, consumer intent remains strong, with a clear preference for lightweight, versatile, and design-led jewellery that aligns with evolving lifestyles," Chetan Thadeshwar, Chairman & MD, Shringar House of Mangalsutra Ltd, said.

Gold and Silver Fall in the International Market

However, gold and silver prices fell in international markets. Spot gold fell by $45.88 (about 1%) to $4,795.97 an ounce, while silver fell by 1.2% to $78.61 an ounce.

Gold prices held steady at around $4,800 an ounce on Wednesday on renewed optimism over the possibility of a US-Iran deal to end the conflict, said Soumil Gandhi, senior commodities analyst at HDFC Securities.

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Meanwhile, after last weekend's talks failed to produce a deal, analysts say Washington and Tehran are trying to schedule a second round of talks.

"Hopes of de-escalation have eased concerns over an energy-driven inflation shock, improving sentiment toward precious metals," Gandhi added.

(With Inputs From PTI)


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