Akshaya Tritiya Gold Rate: The holy festival of Akshaya Tritiya is very near, but if you are planning to buy gold on this auspicious occasion, then the latest rise in the market can make you sweat. As soon as the wedding season starts, the prices of gold and silver in the Indian bullion market have gained rocket-like speed. On Wednesday, April 15, a huge jump in the price of gold by Rs 3000 and silver by Rs 12000 has been recorded on IBJA (India Bullion and Jewelers Association), which has increased the concern of common buyers.
Tremendous recovery in the market: What are the latest prices?
According to India Bullion and Jewelers Association, once again a big jump has been seen in the prices of gold. 24 carat gold has reached the level of Rs 152,865 with an increase of Rs 2854. At the same time, 22 carat gold, which is most used for jewellery, is trading at Rs 140,024 with a rise of Rs 2614. Apart from this, there has also been an increase of Rs 2141 in 18 carat gold, due to which its price has become Rs 114,649. Not only gold, silver has also taken a big leap. The price of silver has increased by Rs 12,038 per kg to Rs 249,019.
Month long ups and downs: sudden rise after decline
Surprisingly, gold had become cheaper by about Rs 3571 in the last one month. On March 16, the price of 24 carat gold was Rs 156,436, but the arrival of Akshaya Tritiya and wedding season has completely changed the trend of the market. Silver is also showing signs of a big rise with a slight increase of Rs 308 compared to last month. This sudden rise has surprised those who were waiting for the prices to fall.
Target of Rs 1.62 lakh till Akshaya Tritiya
Yogesh Singhal, President of All India Bullion and Jewelers Association, has given a big and shocking estimate regarding the prices. According to him, due to the wedding season starting from April 15, the demand for physical gold has increased significantly. Due to this huge demand, by April 19 (Akshay Tritiya), gold may cross the level of Rs 162,000 per 10 grams. This means that gold is going to become even more expensive in the coming few days.
Experts’ advice for buyers
Market experts believe that there is no possibility of demand decreasing till Akshaya Tritiya. In such a situation, for those who want to shop for weddings, it may be wise to shop at every small dip. However, experts are also advising that instead of investing lump sum at higher prices, purchasing in installments (SIP mode) can be a better and safer option so that you can avoid the risk of rising prices.
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