Akshaya Tritiya fever has made gold rate to fly high and advanced to hit two-month high of Rs 29,100 per 10 grams. Gold Traders said buying activity picked up for the festival and customers ignored a weakening trend in overseas markets, which normally set price trend in domestic markets. They said trading volumes were narrow as retail customers are making token purchases to safeguard themselves from the floating gold rates.
Colin Shah, MD and CEO of Kama Schachter said: “The demand for the gold this year is likely to increase by 25 percent . What is more, there has been a steady rise in demand, despite the upward swing of prices. Gold of 99.9 and 99.5 per cent purity rose by Rs 30 to Rs 29,100 and Rs 28,960 per 10 grams. Sovereigns continued to be asked at last level of Rs 23,550 per piece of eight grams. Elsewhere, silver price ready fell by Rs 275 to Rs 56,300 per kg and weekly-based delivery by Rs 1,200 to Rs 55,800 per kg. Silver coins.