July proved to be the best in terms of returns as gold and silver rallied

(By commercial representative) Mumbai, Friday

Behind the world market, the domestic gold and silver market continued to rise sharply. Both the precious metals have provided significant returns to investors in July. Not only have they seen new highs in price growth on a monthly basis after a long hiatus. The dollar index is weakening as US GDP figures soften. The dollar index saw a new record low in July. Crude oil has been modestly improving from a three-week low.

At home, the GST-free price of 10 grams of gold in the Mumbai market, which was Rs 305 yesterday, jumped to Rs 5 today. Gold was closing at Rs 4.50, up from Rs 5. Prices with GST remained three per cent higher. Silver. The price of one kilogram excluding GST was closing at Rs. Prices with GST were quoted three per cent higher.

In the Ahmedabad jewelery market, gold rose by Rs 200 to Rs 500 per ten grams and was priced at Rs 200 and Rs 200 per gram. Silver also rose by Rs 2,000 to Rs 500 per kg. The price of an ounce of gold in the world market rose from ૯૫૬ 18 to ૯૭૭ 16 this evening. Silver was trading at ૬ 4.05, up from 4.5.

Platinum fell from 311 to 203 and palladium was at ૨ 203 an ounce, up from ૨ 203. World gold prices rose 12 per cent in July, the highest monthly growth since January 2016. The eight-and-a-half year record of monthly growth has been broken. Silver also saw a 20 per cent monthly increase for the first time after 19. Gold has lost 50 per cent so far this year.

According to Bank of America, money managers have poured ચાર 4 billion into gold. July saw the 10-year monthly decline in the dollar index. In the domestic currency market, the dollar lost five paise to Rs 2.50, the pound gained six paise to Rs 2.15 and the euro gained six paise to Rs 2.50.

Crude oil recovered from a three-week low of ર્ક 70.50 a barrel, while New York crude traded at 4.50 a barrel.