Gold and silver rally: Ahmedabad gold crosses Rs 50,000

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(By commercial representative) Mumbai, Ta. Saturday, June 27, 2020

Behind the world market, the local gold market continued to rise. As a result of the impact of Kovid-18, the effect of fluctuations in the price of precious metals globally is also being felt at home. Gold and silver saw a decline today after the market closed yesterday which stalled in private today and prices rose again. Crude oil is also witnessing a bearish weather. The global economic climate is being further shaken by the Corona epidemic, economic uncertainty and trade tensions between the United States and Europe.

At the domestic market, the price of 10 grams of gold at Rs 8.50, which was officially closed at Rs 3,081 excluding GST yesterday, fell to Rs 200 in private late in the evening. However, in the closed market on Saturday, prices rose again in private and were quoted at Rs 50. Gold prices, which had declined by Rs 20 late in the evening yesterday, rose to Rs 200 in private today. Prices with GST were quoted three per cent higher.

Silver. The price of one kg, which was closing at Rs. 2 excluding GST, fell from Rs. 30 in private late in the evening to Rs. 500 today. Prices with GST were quoted three per cent higher. In the Ahmedabad jewelery market, gold prices rose by Rs 200. Gold rose by Rs 2.50 to Rs 200 and gold by Rs 9.20 per 10 grams. Silver fell by Rs 500 to Rs 2,000.

World gold prices closed at ૭૭ 161 an ounce, up from ૭૬૩ 16 an ounce. Silver traded lower at ૭ 16.7 from ૮૮ 16.8 and finally closed at ૭ 16.81 over the weekend. Platinum was at ૮ 203.8 an ounce, while palladium was up ૮૫૩ 17.10 at 17.50. Gold has risen due to the tariff war between the US and Europe.

The dollar index came under pressure as re-lockdowns re-emerged in several US states. At the local level, the dollar was trading at a modest decline of Rs 2.50 in private terms. Crude oil also had a softening weather. New York crude was down 2.50 a barrel over the weekend, while Brent crude was down ડો 61 from 61.70.


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