Silver prices also surged by Rs 2,300 to Rs 85,500 per kg. In the previous close, it had ended at Rs 83,200 per kg.
"Spot
"During the auspicious occasion of Akshaya Tritiya, retail demand is going to rise as people will buy gold coins, bars, and jewellery," Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities, said.
In the global markets, spot gold at Comex was trading at USD 2,360 per ounce, up by USD 52 from the previous close.
Gold rose after the latest unemployment claims data revealed more indications of a slowing labour market, increasing confidence that the US Federal Reserve will be able to begin cutting interest rates this year, Gandhi said.
Silver was also trading higher at USD 28.60 per ounce. It had finished at USD 27.50 per ounce in the previous session.
"Gold is driven higher by rise in festive demand in India with additional support from a weaker US dollar, which is down on rising bets for an early rate cut by the US Federal Reserve.
"Amid geopolitical issues and mixed momentum in global equities too is seen supportive to the bullion prices," Pranav Mer, Vice President of Research (Commodity & Currency) at BlinkX and JM Financial, said.
SEE ALSO:
Indian smartphone market up 8%, 5G smartphones account for over 70% of shipments
IPL Decoded: Highest individual scores in IPL 2024 so far, from Stoinis to Kohli
Apple and Samsung dominate the top-selling smartphones in Q1 2024