Gold climbs Rs 1,050, silver bounces Rs 3,500

New Delhi: Gold prices climbed Rs1,050 to Rs99,450 per 10 grams in the national capital on Tuesday on the back of fresh buying by jewellers and stockists ahead of Akshaya Tritiya, according to the All India Sarafa Association.

Akshaya Tritiya, which is celebrated on the third day of bright half of Hindu calender month Vaisakha, falls on April 30 this year. On Monday, the precious metal of 99.9 per cent purity declined Rs1,000 to Rs98,400 per 10 grams.

Gold of 99.5 per cent purity jumped Rs1,100 to Rs99,000 per 10 grams against the previous close of Rs97,900 per 10 grams. So far this year, the yellow metal prices have added Rs20,500 per 10 grams or 26 per cent from Rs78,950 on December 31, last year. In addition, silver prices also bounced Rs3,500 -- the steepest in nearly three weeks -- to trade near an all-time high at Rs1,02,000 per kg on Tuesday.

The white metal had closed at Rs98,500 per kg in the previous market session. On March 19, silver prices rose Rs1,000 to hit an all-time high of Rs1,03,500 per kg. According to experts, the gold market is humming with excitement on the auspicious occasion of Akshaya Tritiya.

Meanwhile, spot gold traded 1 per cent lower at $3,311 per ounce in the overseas markets. Spot silver in the Asian market hours rose 0.36 per cent to $33.28 per ounce.