New Delhi: Surge in demand due to the ongoing wedding season and global rally in the precious metal have triggered an upside in the gold prices.
Domestic gold prices are hovering around two-year high of Rs. 30,000 per 10 grams ahead of Akshaya Tritiya, which falls on May 9 this year. Akshaya Tritiya, also known as Akha Teej, is considered an auspicious day to buy gold.
Some experts believe that the current rally in gold prices is driven by fundamental factors and prices are likely to remain firm. However, bullion traders claim that owing to high prices of the yellow metal jewellers are not hopeful of lofty gold sales this Akshay Tritiya.
The strike against the Centre’s one per cent excise duty on the yellow metal, which went on for more than a month, is also a major reason for the negative mood of traders and buyers alike.