Mithran Suresh, Delhi
Gold prices today rise for third day ahead of Akshaya Tritiya
Gold prices in India inched higher today, extending gains to the third day. On MCX, June gold futures were up 0.2% to ₹46,511 per 10 gram. In the previous two sessions, gold prices had rallied about ₹1,300 per 10 gram. Domestic gold prices have remained choppy after hitting a record high of above ₹47,000 per 10 gram last week, tracking volatile movement in global markets. May silver futures also inched 0.4% higher to ₹41,960 per kg.
Akshaya Tritiya, which is considered to be auspicious for purchasing gold or other precious metals, will be celebrated on Sunday.”However, the sentiment this year will be different as the entire country is under lockdown due to the outbreak of coronavirus. While any direct sale from jewellery shops is not possible, online platforms may see traction. Many digital wallets and gold outlets have come with products like online gold sales and Gold certificates,” said Nish Bhatt, founder and CEO of Millwood Kane International.
“Gold may continue with positive momentum as investors continue to place trust on gold’s safety due to fears of a steep global recession. Fiscal stimulus measures taken by central banks to overcome the negative economic impact of the coronavirus may also support the yellow metal,” said Hareesh V, Head Commodity Research at Geojit Financial Services.