Gold price update: Gold and silver prices fall on Akshaya Tritiya
PTC Web Desk: On the auspicious occasion of Akshaya Tritiya, gold and silver prices witnessed a notable decline due to profit booking by investors, according to data released by the India Bullion and Jewellers Association (IBJA).
As per the IBJA, the price of 10 gram of 24-carat gold dropped by Rs 1,650, falling to Rs 94,361, down from the previous rate of Rs 96,011. In tandem, silver also saw a sharp decline. The price of one kilogram of silver fell by Rs 3,276, reaching Rs 94,114 from the earlier rate of Rs 97,390.
Industry experts attribute this fall to recent profit booking activities after a consistent rise in bullion prices over the past few weeks. Many investors, who had purchased gold and silver during the previous rallies, are now capitalising on the high prices by selling their holdings.
Notably, gold had touched an all-time high of Rs 99,100 on April 21, while silver reached a record Rs 1,00,934 per kg on March 28.
Despite the price drop, gold purchases continued robustly as Akshaya Tritiya is traditionally considered an auspicious day to invest in precious metals. Many buyers believe that purchasing gold on this day brings prosperity and provides financial security during uncertain times.
Market analysts suggest that the downward trend in gold and silver may continue in the short term due to further profit booking and global cues, making it a crucial time for investors to watch the market closely.
- With inputs from agencies
