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Gold and silver prices have seen a significant surge in the national capital, driven by robust pre-festival buying from jewellers and stockists ahead of the auspicious Akshaya Tritiya, despite a dip in international market rates.
Photograph: Lisi Niesner/Reuters
Key Points
- Silver prices in New Delhi surged by Rs 11,800 to Rs 2.57 lakh per kg, a 4.81 per cent increase.
- Gold of 99.9 per cent purity jumped by Rs 3,000 to Rs 1.58 lakh per 10 grams, nearly a 2 per cent rise.
- The surge in precious metal prices is attributed to fresh buying from jewellers and stockists in anticipation of Akshaya Tritiya on April 19.
- Akshaya Tritiya is considered an auspicious day for purchasing precious metals, driving strong retail demand.
- Despite local surges, precious metals traded lower in international markets, with spot gold falling nearly 1 per cent to $4,795.97 per ounce.
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, driven by fresh buying from jewellers and stockists ahead of Akshaya Tritiya.
Akshaya Tritiya, considered an auspicious day to buy precious metals, will be celebrated on April 19 this year.
Domestic Market Performance
According to the All India Sarafa Association, the white metal soared by Rs 11,800, or 4.81 per cent, to Rs 2,57,000 per kg (inclusive of all taxes) 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 (inclusive of all taxes).
The yellow metal had settled at Rs 1,55,000 per 10 grams in the previous market session.
The local bullion market was closed on Tuesday for a holiday.
Traders attributed the sharp rise to pre-festival buying amid expectations of strong retail demand.
Industry Insights and Consumer Trends
“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.
International Market Trends
However, precious metals traded lower in the international markets.
Spot gold fell $45.88, or nearly 1 per cent, to $4,795.97 per ounce, while silver slipped 1.2 per cent to $78.61 per ounce.
Gold hovered around $4,800 per ounce on Wednesday, driven by renewed optimism that the US and Iran could reach a deal to end the conflict, Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said.
Meanwhile, Washington and Tehran are working to schedule a second round of talks after last weekend’s negotiations failed to produce an agreement, analysts said.
“Hopes of de-escalation have eased concerns over an energy-driven inflation shock, improving sentiment toward precious metals,” Gandhi added.
