EXPENSIVE
It is considered the most auspicious time to buy the yellow metal, but in the run-up to Akshaya Tritya, there has been a steady rise in the prices of gold. Standard gold prices rose by Rs 330 to touch Rs 17,470 in Mumbai on Thursday. It was no different in other markets with prices rising by Rs 365 to touch Rs 17,615 in Delhi; prices hovered around Rs 17,700 in Kolkata and Bangalore. The metal was cheapest in Chennai, where it rose by Rs 60 to touch Rs 17,425.
Analysts expect an upward trend in the near-term since gold is a "safe investment haven'' in volatile times. "There is not much activity in other asset classes now. Equities are in a confused mode while the momentum in real estate hasn't fully picked up. In such a situation, funds from other asset classes would start investing in gold,'' says Kuljeet Kataria, vice-president (commodities), Motilal Oswal.
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