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 in the national capital on Wednesday. This increase was driven by fresh buying from jewellers and stockists ahead of Akshaya Tritiya, celebrated on April 19 this year.
The All India Sarafa Association reported that silver soared by Rs 11,800, or 4.81 per cent, to Rs 2,57,000 per kg from Monday’s closing level of Rs 2,45,200 per kg. Gold of 99.9 per cent purity also jumped Rs 3,000, or nearly 2 per cent, to Rs 1,58,000 per 10 grams, up from Rs 1,55,000 per 10 grams in the previous market session.
Traders attributed the sharp rise to pre-festival buying amid expectations of strong retail demand. Chetan Thadeshwar, Chairman & MD of Shringar House of Mangalsutra Ltd, noted that Akshaya Tritiya is significant for the jewellery industry, driven by tradition and the enduring value of gold.
However, precious metals traded lower in international markets, with spot gold falling USD 45.88 to USD 4,795.97 per ounce and silver slipping 1.2 per cent to USD 78.61 per ounce.
