AOJ E-NEWS: Gold prices were trading higher in early trade on 27th April amid skepticism over President Donald Trump’s proposed US tax reform, with markets awaiting central bank meetings in Europe and Japan. The yellow metal was trading 0.24 per cent, or Rs 70, up at Rs 28,789 per 10 gram around 10.45 am (IST), while the white metal silver was up 0.38 per cent, or Rs 152, at Rs 40,010 per 1 kg.

Nirmal Bang Commodities expects gold and silver prices to trade range bound for the day. Aurobinda Prasad Gayan, VP Research, Kotak Commodities said, “The broad spectrum is bullish for gold with the safe heaven appeal and attractive asset to accumulate on the precious day of Akshaya Tritiya for long term. Gold is expected to hover in the upper trajectory of Rs 30,000 mark in the domestic market. Any impulsive descend in the price should be used as an accrual for long term buying.”

Akshaya Tritiya is considered as an auspicious day to buy the yellow metal and jewellers expecting up to 30 per cent growth in sales. World Gold Council Managing Director, India, Somasundaram PR told PTI that Akshaya Tritiya provides an indication of consumer sentiment. This year the overall sentiment is positive and bodes well for both jewellery and investment demand. "Gold prices did not go as high as in the international markets because the Indian rupee appreciated. People see this as a good opportunity to invest in gold," he added.

Courtesy- Economic Times