Amid the rising number of coronavirus cases in India, investors on Friday rushed to secure their future, resulting gold prices rally for the third consecutive day.
Gold prices in India rose on Friday, ahead of Akshaya Tritiya on April 26. Gold futures prices were up to Rs 46,505 per 10 grams.
Gold prices on Thursday rose by Rs 173 to Rs 46,340 per 10 gram in futures trade.
In addition to the meltdown of the global equity market, Akshaya Tritiya also played its role in the rally of gold prices on Friday in India.
Akshaya Tritiya, which will be celebrated on Sunday, is considered to be auspicious day for purchasing gold and silver.
Gold prices in India had hit a record high of above Rs 47,000 per 10 gram last week, and it likely to perform well as global economy is caught in a whirlpool of issues connected with COVID19 pandemic.
Gold is always considered a safe store of value during economic or political uncertainties, and India has been one of the best markets of the yellow metal.