Gold rises to fresh 2-month high on Akshaya Tritiya

Gold on Tuesday advanced further to hit a fresh two-month high of Rs 29,100 per 10 grams, driven by heavy buying by retail customers for the festival of 'Akshaya Tritiya'.

The yellow metal remained bullish for the fifth straight session by adding Rs 30 to Rs 29,100 per 10 grams, a level last seen on February 23, on increased buying for Akshaya Tritiya, considered an auspicious day in Hindu mythology for buying precious metals.

Gold has gained Rs 280 in the last four trading sessions on sustained buying. Traders said the metal remained strong in last few sessions as customers ignored a weakening trend in overseas markets and continued fresh buying for the auspicious occasion.

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

With an aim to cash in on the investor demand, both the leading stock exchanges, BSE and NSE, have extended trading hours today till 2000 hours in gold ETFs (Exchange Traded Funds).

Besides, the two bourses have decided to waive off the transaction charges for all trades done in Gold ETF securities for today.

The National Spot Exchange Ltd (NSEL) has also announced special offers on e-Gold, e-Silver and e-Platinum for Akshaya Tritiya. These include zero transaction charges and waiver of making and packing charges on physical conversion of E-Gold, E-Silver and E-Platinum.

Gold of 99.9 and 99.5 per cent purity rose by Rs 30 to Rs 29,100 and Rs 28,960 per 10 grams. Sovereigns continued to be asked at last level of Rs 23,550 per piece of eight grams.

Elsewhere, silver ready fell by Rs 275 to Rs 56,300 per kg and weekly-based delivery by Rs 1,200 to Rs 55,800 per kg.

Silver coins held unchanged at Rs 64,000 for buying and Rs 65,000 for selling of 100 pieces.