Gold prices declined by Rs 195 to Rs 30,390 per ten grams in Delhi today as auspicious Akshaya Tritiya could not conjure up any significant support for the bullion metal cart.
Silver also fell for the third consecutive day by losing Rs 430 to Rs 41,650 per kg.
Traders said a weakening trend in precious metals overseas after the Federal Reserve proceeded with cuts to stimulus amid signs of a recovery in the U.S., reducing demand for safe haven put particular pressure on gold prices here.
Buy gold picks up especially at this time of year, though India celebrates Akshaya Tritiya. The saying is - Gold and gold jewelry bought and worn on this day signify never diminishing good fortune.
While gold has been better performance in the past decade, it has lost some shine over the last year and the tendency is likely to continue given that the world economy had begun to show signs of recovery.
But in contrast to the West, buying gold in India has always once been driven more by feelings and Akshaya Tritiya is a good opportunity in which it is said that purchasing gold bring wealth.
Gold trading indeed important and must be part of a diversified overall portfolio, but analysts are advising to cut back their positions in the wake of falling the prices of gold internationally.
The price of gold in the Indian market is higher than the world market owing to the additional duties set by the UPA government to curb the bulky current account deficit.
News By Economictimes
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Silver also fell for the third consecutive day by losing Rs 430 to Rs 41,650 per kg.
Traders said a weakening trend in precious metals overseas after the Federal Reserve proceeded with cuts to stimulus amid signs of a recovery in the U.S., reducing demand for safe haven put particular pressure on gold prices here.
Buy gold picks up especially at this time of year, though India celebrates Akshaya Tritiya. The saying is - Gold and gold jewelry bought and worn on this day signify never diminishing good fortune.
While gold has been better performance in the past decade, it has lost some shine over the last year and the tendency is likely to continue given that the world economy had begun to show signs of recovery.
But in contrast to the West, buying gold in India has always once been driven more by feelings and Akshaya Tritiya is a good opportunity in which it is said that purchasing gold bring wealth.
Gold trading indeed important and must be part of a diversified overall portfolio, but analysts are advising to cut back their positions in the wake of falling the prices of gold internationally.
The price of gold in the Indian market is higher than the world market owing to the additional duties set by the UPA government to curb the bulky current account deficit.
News By Economictimes
Get more commodity bullion market latest news & updates with 100McxTips.com. Follow our latest market tweets @100mcxtips and Like our Facebook profile page : https://www.facebook.com/100mcxtips
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