Gold shines to Rs Rs 29,480 per 10 grams on Akshaya Tritiya buying

New Delhi: Gold prices rose by Rs 30 to Rs 29,480 per 10 grams at the bullion market on Friday largely due to token purchases on the auspicious occasion of 'Akshaya Tritiya'.

A firming trend overseas too supported the upside, traders said.

However, silver remained under selling pressure and lost another Rs 200 at Rs 40,500 per kg due to reduced offtake by industrial units and coin makers.

Traders said besides token purchases on the auspicious occasion of 'Akshaya Tritiya', a firm trend overseas mainly kept gold prices higher.

Globally, rose 0.14 percent to USD 1,265.30 an ounce in Singapore.

Akshaya Tritiya is considered to be an auspicious day to purchase gold.

"Sale of precious metals, particularly gold and diamond are up about 10 percent largely on the back of token purchases by retailers and jewellers on the auspicious occasion of Akshaya Tritiya," said Rakesh Anand of Delhi-based R K Jewellers.

In the national capital, gold of 99.9 and 99.5 percent purity advanced by Rs 30 each to Rs 29,480 and Rs 29,330 per 10 grams, respectively. It had gained Rs 100 yesterday.

Sovereign, however, remained flat at Rs 24,400 per piece of eight grams in limited deals.

On the other hand, silver ready fell by Rs 200 to Rs 40,500 per kg and weekly-based delivery declined by Rs 340 to Rs 39,620 per kg.

Silver coins, however, held steady at Rs 70,000 for buying and Rs 71,000 for selling of 100 pieces.