Gold prices slips on Akshaya Tritiya

Silver nose-dived by Rs. 6,000 to Rs. 53,200 per kg and gold plummeted by Rs. 225 to Rs.22,120 per 10 grams.

Gold prices has been declined despite heavy buying on Akshaya Tritiya. Gold plummeted by Rs. 225 to Rs. 22,120 per 10 grams, while Silver nose-dived by Rs. 6,000 toRs. 53,200 per kg. Akshaya Tritiya, also known as Akha Teej is a Hindu and Jain[citation needed] holy day, that falls on the third Tithi (Lunar day) of Bright Half (Shukla Paksha) of the pan-Indian month of Vaishakha. The word "Akshaya" means the never diminishing in Sanskrit and the day is believed to bring good luck and success. There are reports that gold buying festival ‘Akshaya Trithiya’ is expected to boost growth in gold sales in the country by at least 15%..

Gold hits new high of Rs 22,470

Gold set a new record at Rs 22,470 per 10 grams today on brisk buying by stockists and jewellers for the upcoming ‘Akshaya Tritiya’ and marriage season, driven by a record rally in global markets. Silver also surged Rs 3,400 to Rs 72,000 per kg.

The white metal had hit a record level of Rs 74,300 on April 25.

Traders said Akshaya Tritiya festival (May 6), which is considered auspicious for buying gold, bolstered the trading sentiment for the yellow metal.

The market also received support as the gold advanced to a record high in the international markets, after the US Fed pledged to keep interest rates near zero to bolster the recovery, weakening the dollar and boosting the demand for precious metals as a store of value.

Gold in the Asian region gained 0.4 per cent to reach a never-seen-before level of $1,533 an ounce. Silver also strengthened by 0.6 per cent to $48.13 an ounce, approaching the record level of $49.79 set on April 25.

The Fed has signalled that it will maintain monetary stimulus and kept its target rate for overnight lending between banks at zero to 0.25 per cent, while ending $600 billion of bond purchases on schedule in June.

At the domestic front, gold of 99.9 and 99.5 per cent purity surged Rs 275 each to Rs 22,470 and Rs 22,350 per 10 grams, respectively. Sovereigns followed suit and rose by Rs 100 to a new peak of Rs 18,300 per piece of eight grams.

Silver ready staged a strong comeback and spurted by Rs 3,400 to Rs 72,000 per kg and weekly-based delivery jumped up by Rs 3,195 to Rs 70,695 per kg.

Silver coins, too, zoomed up by Rs 3,000 to Rs 77,500 for buying and Rs 78,500 for selling of 100 pieces.

Gold breaches 22,000 mark, silver shines at 66,300

Gold crossed the psychological Rs 22,000 mark on Wednesday on aggressive buying by stockists, amid a rising global trend. It rose by Rs 115 to Rs 22,060 per 10 grams. Silver also climbed to a new high and rose by Rs 1,850 to Rs 66,300 per kg on demand from industrial units.

Silver coins followed suit and shot up by Rs 1,500 to a record high of Rs 72,000 for buying and Rs 72,500 for selling of 100 pieces. Trading sentiments remained bullish as gold extended its recordmaking rally to top $1,500 an ounce in global markets as dollar fell on mounting debt in the Europe and the US, prompting investors to seek bullion as a store of value.
In international markets, gold climbed 0.3% to $1,500.43 an ounce and silver jumped 0.9% to a 31-year peak of $44.35 an ounce on Wednesday.

Besides, retail customers and jewellers buying for the coming marriage season further fuelled the uptrend. On the domestic front, gold of 99.9 and 99.5% purity shot up by Rs 115 each to a new high of Rs 22,060 and Rs 21,940 per 10 grams, respectively. Sovereigns also moved up by Rs 100 to fresh peak level of Rs 18,000 per piece of eight grams.

Silver continued its record setting spree and spurted by Rs 1,850 to new peak level of Rs 66,300 per kg and weekly-based delivery by Rs 1,530 to Rs 65,055 per kg.

Gold breaches 22,000 mark, silver shines at 66,300

Silver hits new record high...Gold continues to shine

Silver's bigger cousin, gold was not too far behind, advancing on the back local buying before festivals and the upcoming wedding season.

Precious metal prices in India continue to surge ahead, with silver prices touching a new record high in the bullion markets on Thursday due to a combination of safe haven buying and industrial demand.

Silver's bigger cousin, gold was not too far behind, advancing on the back local buying before festivals and the upcoming wedding season.

The latest spurt in the yellow and white metals in India can be partly attributed to international prices, which have firmed up amid lingering worries over the political upheavals in the MENA region and the eurozone sovereign debt problems.

In the domestic market, silver ready (.999 fineness) shot up by Rs. 490 per kg to close at Rs. 56,900 on Thursday while standard gold (99.5 purity) gained Rs. 80 per 10 grams to end at Rs. 20,775.

Pure gold (99.9 purity) closed at Rs. 20,875 per 10 grams compared to Rs. 20,795 on Wednesday.

Meanwhile, gold futures in New York rose today, extending gains after posting the longest streak of quarterly gains in more than three decades.

Gold futures for June delivery advanced US$15, or 1.1%, to close at US$1,439.90 an ounce at 1:53 p.m. on the Comex in New York, a record settlement.

In the January to March quarter, the yellow metal is up 1.3%, marking the 10th straight gain, the longest rally since at least 1975. On March 24, the commodity reached US$1,448.60, the highest intraday price ever.

Silver futures for May delivery rose 37.7 cents, or 1%, to US$37.888 an ounce. This quarter, the price gained 22%, marking the ninth straight gain, the longest rally since at least 1975.

On March 24, the silver contract reached US$38.18, the highest since February 1980. In the past 12 months, the white metal has more than doubled.

Platinum futures for July delivery gained US$9.10, or 0.5%, to US$1,783.20 an ounce. This quarter, the price rose 0.3% after climbing 16% in the second half of 2010.

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