Gold Price Today: Yellow metal likely to go up in near term as demand picks up ahead of Akshaya Tritiya, marriage season; know latest bullion rates

Gold Price Today: The price of 24 Carat gold in Delhi is Rs 53300 per 10 gram while price of 22 Carat Gold in Delhi is Rs 51000 according to commodity expert Anuj Gupta. Meanwhile, the price of silver in Delhi is around Rs 68000, he said.

Gupta, who is Vice President (VP), Commodity and Currency Research at IIFL Securities said that despite current uncertainties, Gold and silver prices are expected to go up, going forward because of high inflation situation, marriage season and Akshaya Tritiya 2022.

Akshaya Tritiya, which is considered as an auspicious occasion to buy gold and silver, will fall on 3 May.    

He said that Gold rates are expected to touch Rs 56000 per 10 gram by Diwali while Silver could test levels of Rs 75000 by this time.

He recommends a buy on Gold, saying that current corrections are buying opportunity for investors and traders.

On MCX, June Gold Futures ended at Rs 52420 on Thursday and fell by Rs 208 or 0.4 per cent from the Wednesday Closing price. He recommends a buy on June MCX Gold futures at Rs 52300 with a stop loss of Rs 52050 and price target of Rs 52800. As for May MCX Silver Futures, buying is recommended at Rs 66600 with a stop loss of Rs 65900 and price target of Rs 68000, the VP said.

On Thursday, MCX Gold Futures closed lower by nearly 2 per cent or by Rs 1306 at Rs 67100.

The demand for Gold in India is picking up, Gupta said.

Meanwhile, Gems and jewellery exports rebounded in 2021-22 to touch USD 39.15 billion, showing a nearly 55 per cent jump compared to the previous financial year, PTI reported quoting industry body GJEPC said on Thursday. The gross gems and jewellery exports stood at USD 25.40 billion during 2020-21, the Gem and Jewellery Export Promotion Council (GJEPC) said in a statement.

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Meanwhile, in March the overall gross gems and jewellery exports went up by 4.33 per cent to USD 3,393.29 million, a decline of 0.46 per cent compared to USD 3,409.07 million for the same period in FY21.

"India's exports to global markets bounced back 54 per cent, demonstrating the agility of the Indian G&J pipeline in adjusting quickly to an uncertain business environment marked by temporary Covid lockdowns and unprecedented demand surges," GJEPC chairman Colin Shah said.

Inputs from PTI

(Disclaimer: The views/suggestions/advises expressed here in this article is solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)