Record rise in Ahmedabad gold: Rs 1,500 rise in silver

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(By Commercial Representative) Mumbai, Ta. Wednesday, July 29, 2020

Gold and silver prices have rebounded in the domestic market. Gold has seen new record prices while silver has seen a sharp rise. Gold is forecast to hit 5,100 in the short term. The dollar, on the other hand, is showing stability. Demand for the dollar has been low due to a slowdown in imports due to the corona. Crude oil has seen a modest improvement.

In the domestic market, gold prices in the Mumbai market, which were at Rs 3.50 per 10 grams excluding GST, rose from Rs 5 yesterday to Rs 301 today and gold at Rs 8.50, up by Rs 2 to close at Rs 4, 2017. Prices were three per cent higher with GST. Silver.2 The price of one kg rose by Rs 30 to Rs 200. Prices with GST were quoted three per cent higher.

In the Ahmedabad market, gold rose by Rs 2.50 to Rs 200 per ten grams and closed at Rs 200 per ten grams at Rs 4.50. Ahmedabad has seen a new record price in gold. Silver jumped by Rs 1,200 per kg to Rs 2,000.

Gold and silver traded higher in the global market. Gold was trading at ૯૫૬ 16 an ounce, up from ૯૩ 121 an ounce, while silver was trading at ૨૪ 2.50 an ounce. Platinum was trading at ૯૪૩ 20, down from ડો 20, while palladium was trading at ૨૨૫૩ 6, down from ૨૨૯૭ 2 per ounce.

The dollar index fell before the US Federal Reserve meeting. Citigroup has forecast a short-term rise in gold price to ૨ 5,100 an ounce.

In the domestic currency market, the dollar rose to a high of Rs 6.31 and a low of Rs 6.5 to close at Rs 4.50. There was a decrease of five paise compared to yesterday. The euro gained 20 paise to close at Rs 2.8 and the pound gained 7 paise to close at Rs 4.5.

Crude oil has seen a modest improvement. New York's main contract, light sweet crude for delivery in New York, traded at ૪ 61.8 a barrel and Brent crude was trading at 4.5 a barrel. US stocks have seen lower-than-expected price growth.

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