Gold prices jump ₹1,200/10 gram on Akshaya Tritiya; check latest rates in Mumbai, Delhi, other cities

An average increase of ₹1,200 per 10 gram of gold was witnessed in retail markets due to the observance of Akshaya Tritiya on May 10, reports said, citing market sources. Apart from the yellow metal, the prices of silver also raced up.

The per 10 gram of 24 karat gold crossed the ₹73,000-mark in the retail market on an average, as per a Times of India report. Silver, meanwhile, surged by ₹2,400 a kg on an average to cross the ₹85,000 per kg mark, it added.

Notably, Akshaya Tritiya is considered as an auspicious date by the Hindu community for buying high-value assets such as gold, silver, automobile and real estate.

Meanwhile, gold futures on India’s Multi Commodity Exchange (MCX) ended flat on May 10 at ₹72,722 per 10 grams. During the intraday trading, it had peaked to ₹73,038, but pared the gains by the closing hour.

Silver futures on the MCX grew marginally by 0.09% on May 10, settling at ₹84,984 per kg. During the intraday trading, it had peaked to ₹85,812.

Check latest gold rates in Indian cities

• As per the latest rates tracked by Upstox, the per 10 gram of 24 karat gold in Mumbai was trading at ₹₹72,861, down 0.2%.
• In New Delhi, the retail prices fell marginally by 0.1% to ₹73,218.
• In Chennai, the rate declined by 1.82% to ₹72,575, whereas it increased by 0.29% to ₹73,218 in Bengaluru.
• In Kolkata, the price declined by 1.36% to ₹72,646.

In the international market, spot gold settled at $2,359 an ounce, up 0.56%. The prices have gained strength, after slumping below $2,300 an ounce last week.

However, the international rates have climbed down as compared to the record highs clocked in April when commodities market turned jittery due to Iran-Israel tensions. Gold had peaked to its highest-ever of $2,429 an ounce on April 12.

The bull run of the metal is expected to continue in the medium-to-long term, as per a forecast released by Citi Research last month. The price is expected to touch $3,000 an ounce in the next 6 to 18 months, it said.