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  1. #1
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    Dec 2009


    Default Gold spurts to near two-month high

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    Gold prices surged to nearly two-month high of Rs. 29,070 per ten gram on Monday following buying by jewellers on the eve of ‘Akshaya Tritiya’.

    The gold advanced by Rs. 30 to Rs. 29,070 per ten gram, a level last seen on February 23, on increased buying by local parties and jewellers for the Akshaya Tritiya festival, considered as an auspicious day in Hindu mythology for buying of precious metal.

    It is believed that any new venture or asset creation on this day brings in good luck, growth and prosperity.

    Traders said buying activity picked up for the festival and customers ignored a weakening trend in overseas markets, which normally set price trend in domestic markets.

    They said trading volumes were narrow as retail customers were making token purchases on the occasion at prevailing costly levels.

    The precious metal traded higher at Rs. 28,830 per ten gram in Chennai and Rs. 29,080 in Kolkata as auspicious buying spread over a broader front.

    “The market saw local customers making small transaction which reduced the business volumes,” a Delhi-based jeweller Rakesh Anand said.

    He said demand emerged as the country celebrates Akshaya Tritiya, the second most auspicious day for buying gold after Dhanteras. The ongoing wedding season also supported the trend.
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