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Silver prices surged by Rs 11,800 to Rs 2.57 lakh per kg while gold advanced by Rs 3,000 to Rs 1.58 lakh per 10 grams in the national capital on Wednesday, driven by fresh buying from jewellers and stockists ahead of Akshaya Tritiya.
Akshaya Tritiya, considered an auspicious day to buy precious metals, will be celebrated on April 19 this year.
According to the All India Sarafa Association, the white metal soared by Rs 11,800, or 4.81 per cent, to Rs 2,57,000 per kg (inclusive of all taxes) from Monday’s closing level of Rs 2,45,200 per kg.
Gold of 99.9 per cent purity also jumped Rs 3,000, or nearly 2 per cent, to Rs 1,58,000 per 10 grams (inclusive of all taxes). The yellow metal had settled at Rs 1,55,000 per 10 grams in the previous market session.
The local bullion market was closed on Tuesday for a holiday. Traders attributed the sharp rise to pre-festival buying amid expectations of strong retail demand .
Exports posted the steepest fall in five months, declining by 7.44 per cent in March to $38.92 billion due to trade uncertainty and geopolitical tensions, with shipments to West Asia contracting by more than 50 per cent in the month, according to official data released on Wednesday.
The trade deficit, however, narrowed to a nine-month low of $20.67 billion in March on account of lower imports.
Imports dipped by 6.51 per cent to $59.59 billion in March, driven by a significant decline in inbound shipments of crude oil and gold, the data showed.
