Gold prices soar on ‘Akshaya Tritiya’
Standard gold prices rose by Rs120 to end at Rs28,925 per 10 grams from Thursday's close
Mumbai: Surging for the second day, gold prices shot up by ₹ 120 per 10 grams at the bullion market here on Friday, mainly on account of purchases for Akshaya Tritiya. Silver, however, succumbed to fresh bouts of selling from speculative traders.
Standard gold firmed up by ₹ 120 to end at ₹ 28,925 per 10 grams from Thursday’s close of ₹ 28,805.
Pure gold also edged up by a similar margin to settle at ₹ 29,075 per 10 grams against ₹ 28,955 earlier. Silver (.999 fineness) fell by ₹ 70 per kg to finish at ₹ 40,610 as compared to ₹ 40,680 on Thursday.
Also Read: Global gold prices set for worst week in seven as investors opt for riskier assets
Globally, gold firmed up as forecast-beating euro zone inflation boosted the euro against the dollar, while global stock markets retreated from Wednesday’s record highs as concerns about global trade subdued appetite for cyclical assets.
Spot gold was up 0.2% at $1,266.11 an ounce at early trade. Spot gold was down 1.4% from last Friday’s level, its biggest weekly loss since early March. Among other precious metals, silver was up 0.8% at $17.36 an ounce.
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