Gold crosses Rs 50,000 in Ahmedabad: Eight-year high in world market

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(By Commercial Representative) Mumbai / Ahmedabad, Ta. 24 June 2020, Wednesday

Both the precious metals rallied in the domestic gold and silver market behind the world market. In Ahmedabad, gold prices rose by Rs 200 per ten grams to Rs 30,000. Silver also rose by Rs 200. Gold in the world market has reached an eight-year high. Not only does the Corona epidemic not stop, but in many countries it is re-emerging. Economic uncertainty is re-emerging which is why investors are buying gold as a safe haven. Crude oil prices are also softening amid fears of an economic downturn. The rupee has seen two-way fluctuations against the dollar.

In the Mumbai market, the gold price of 10.50 per ten grams, which was Rs 8 excluding GST yesterday, rose to Rs 80 today. Gold rose by Rs 3,120 to close at Rs 4. Gold prices were three per cent higher with GST. Silver. The price of one kg excluding GST went up from Rs 30 to Rs 5 and finally closed at Rs 305. Prices were quoted three per cent higher with GST.

In Ahmedabad jewelery market, gold closed at Rs 30,100 and gold at Rs 30,200. Silver was trading at Rs 200 per kg.

Gold, which was trading at ૭૫૮ 18.50 an ounce yesterday, rose to ૭૭૯ 18 today and traded at ૭૭૭ 18.50 late in the evening, hitting an eight-year high. Silver was trading at ૭ 16.8 an ounce, up from ૭ 16.8 an ounce. The other precious metal, platinum, fell from ૮૩ 41.15 to ૮૨ 61.50, while palladium fell from ૯૩૬ 16.15 to ૯૩૪ 16.8 an ounce.

Corona cases are on the rise in the United States, and the government is preparing to release new stimuli. In the domestic currency market, the dollar had fluctuated bilaterally and finally improved by seven paise from the previous close to close at Rs 4.5. The dollar was seen at a high of Rs 6.5. The effect of fluctuations in the stock market was seen on the dollar. In the US, crude oil stocks rose by 1.4 million barrels to 3.50 million barrels, more than expected.

An increase in stocks indicates weak demand. The effect was to soften crude oil. New York's main contract, light sweet crude for delivery in New York, fell below ડો 20 a barrel and traded at 4.50 a barrel.

Late evening gap in global gold

In today's routine trading, the price of gold in Ahmedabad rose by Rs. The surface of 30,000 had jumped. According to reports, global gold fell from ૭૭૯ 15 to ૭૬૪ 15 and silver from ૭૯ 150 to ૭૫૭ 15 late in the evening. 200 fell to the level of 2100.

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