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Akshaya Tritiya 2018: Gold price rises by Rs 650 in last 8 days, Silver costlier by Rs 850

imageAkshaya Tritiya 2018: Over the course of last 8 days, gold had become costlier by Rs 650 per 10 grams. (Image: PTI)

Akshaya Tritiya 2018: With just a day to go for Akshaya Tritiya, people around the nation are planning to buy precious metals specifically gold on and around the Akshaya Tritiya date. The festival of Akshaya Tritiya will be celebrated on 18 April 2018 (Akshaya Tritiya Date 2018) in India this year. On the auspicious day of Akshaya Tritiya, special prayers have been offered in order to impress the goddess Laxmi (wealth and prosperity). According to Indian mythology, buying gold on Akshaya Tritiya is an age-old tradition which brings well-being and bliss. Akshaya Tritiya significance is highly important in maintaining the likelihood of good wealth. Many jewellers also come up with different offers on Akshaya Tritiya to attract customers with their tailor-made lucrative schemes.

Over the course of last 8 days, gold had become costlier by Rs 650 per 10 grams while silver prices have risen by Rs 850 per kilogram in the same period under review. An unusually high spike in gold buying had been witnessed at the bullion market around the auspicious festival of Akshaya Tritiya in India in past. However this time, apart from a weak trend overseas, slow down in buying by jewellers and retailers at prevailing levels at the domestic spot market dampened the sentiment, PTI reported citing unidentified traders. Last year Akshaya Tritiya was observed on 28 April 2017.

Gold prices have surged as high as Rs 650 per 10 grams to Rs 32,000 in last eight days at the bullion market of New Delhi. Gold prices were at Rs 31,350 per 10 grams at the national capital on 6 April 2018. In the meantime, the grey metal silver also saw an appreciation in the prices. Silver has become dearer by Rs 850 per kg to Rs 39,900 from a price level of Rs 39,050 in the last eight days.

Earlier yesterday, gold of 99.9% and 99.5% purity edged lower by Rs 100 each to Rs 32,000 and Rs 31,850 per ten gram, respectively at the bullion market of New Delhi. Following the decline in the gold, the prices of silver ready declined by Rs 100 to Rs 39,900 per kg, while the weekly-based delivery gained Rs 25 to Rs 38,950 per kg. On the other hand, silver coins got cheaper on Monday by Rs 1,000 to Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.

Source: Financial Express