Gold prices in India climbed to a fresh two-month high on Tuesday, as retail demand picked up across the country on the occasion of 'Akshaya Tritiya'.

Akshaya Tritiya is considered as an auspicious day in Hindu mythology for buying precious metals.

Gold of 99.9% and 99.5% purity increased by Rs 30 to Rs 29,100 and Rs 28,960 per 10 grams.

The yellow metal advanced for a fifth straight session and has gained Rs 280 in the last four trading sessions.

India's two leading stock exchanges, BSE and NSE, have extended trading today till 2000 hours in gold ETFs (Exchange Traded Funds). The two bourses have also decided to waive off the transaction charges for all trades done in Gold ETF securities for today.

The National Spot Exchange has also announced special offers on e-Gold, e-Silver and e-Platinum for Akshaya Tritiya. These include zero transaction charges and waiver of making and packing charges on physical conversion of E-Gold, E-Silver and E-Platinum.

While the yellow metal shone brightly today, its white cousin silver was not so lucky as prices fell by Rs 275 to Rs 56,300 per kg.

Gold ETFs have gained tremendous popularity in India since its introduction in 2007.

Total gold ETF assets under management (AUM) now stand at ~ Rs 95bn. In the last one year alone, AUM under Gold ETFs has risen by a whopping 153%, according to NSE data. As of Sept. 2011, the number of folios in Gold ETFs was 4.29 lakh, up from 1.47 lakh a year earlier.

In volume terms, gold held by mutual funds offering gold ETFs has gone up from 19 tons in March 2011 to 28 tons in September and 33 tons in December 2011.