A day before Akshaya Tritiya (May 3), gold rates have fallen significantly by Rs. 1190/10 grams in the domestic markets on Monday. The 22 carat gold rate quoted at Rs. 47,200 and 24 carat gold rate quoted at Rs. 51,510/ 10 grams today.
The opening price for 999 purity gold was Rs 51,406 per 10 grams, down Rs 649 from Friday’s closing price of Rs 52,055, while that of 999 purity silver was Rs 62,820 per kg, down Rs 1,954 from Rs 64,774, the data available on India Bullion and Jewellers Association’s (IBJA) website showed.
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On Akshaya Tritiya, Indian prefer to buy gold and other auspicious metals expecting it will bring prosperity to their families.
Gold prices have historically inched higher during the times of Akshaya Tritiya, but this time amidst the rising anticipation of the Fed`s aggressive policy stance, the yellow metal could see some pressure on the price front.
There are several factors which have contributed to gold`s movement in past few years, the Covid-19 pandemic being one of the major one. Although, there are three major factors to keep an eye on for gauging direction in gold -- geo-political tensions, inflationary concerns and the central bank`s policies.
As the pandemic started to recede, market participants were hit by sudden updates regarding Russia invading Ukraine, which escalated quickly supporting the metal prices.
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