Lap up for costliest Akshaya Tritiya this year, as gold crosses 32K

Lap up for costliest Akshaya Tritiya this year, as gold crosses 32K.

New Delhi: If you are planning to buy gold this Akshaya Tritiya, get ready to shell out more money. This year’s Akshaya Tritiya falls on April 18 and gold is expected to be the costliest ever as gold prices are likely to remain firm amid escalating tension between Syria and the US.

The yellow metal was quoted at Rs 32,300 per 10 grams on Sunday in Delhi.

Bullion traders said this was the highest price level ever recorded in the run-up to Akshaya Tritiya in recent history, as gold prices have never crossed the Rs 30,000 per 10 grams mark on this particular day in the past.

Previously, Akshaya Tritiya, on May 9, 2016, saw gold price reaching a high of Rs 29,860 per 10 grams.

Haresh Acharya, secretary, Bullion Federation of India, was quoted in a media report saying that if the gold price continued to rally over the next 3-4 days, the price will be the highest on Akshaya Tritiya. “International prices of gold are already high due to the US-China trade war. With the Syria-US tension escalating, gold prices will further increase as the markets open on Monday,” he said.

Surendra Mehta, national secretary, Indian Bullion and Jewellers Association (IBJA) predicted that customers won’t go for buying diamond but would make rush for gold.

However, amidst this scenario, the jewellers are optimistic that sale on April 18 would give them enough profit margin. The investors may also lap up the yellow metal since there is the likelihood that price of yellow metal would rise further after the festival.

Last year, the gold prices settled at Rs 28,861 per 10 grams plus taxes. In 2018, the opening price of gold was Rs 28,500 per 10 grams.

Some jewellers in Mumbai said they had received advance bookings for making purchases on Akshay Tritiya.