Storm surges in gold-silver

(By commercial representative) Ahmedabad, Mumbai, Wednesday

The US-China dispute, the seriousness of the coronavirus situation and the fall in the dollar index have led to a sharp rise in gold and silver at home. Ahmedabad silver has seen a rise of more than Rs 2,000 per kg in two days and gold has hit new record prices. Silver futures have also rebounded. Gold in Ahmedabad has risen by Rs 200 today. Domestic silver is trading at a seven-year high while world markets are trading at a new four-year high. The rupee remained bearish against the dollar while the pound remained soft.

At home, the price of silver in the Mumbai market, excluding GST of Rs 50 per kg, which had closed at Rs 70 yesterday, jumped to Rs 2,005 today amid widespread buying and finally closed at Rs 4,150. Prices without GST were three per cent higher. Silver has seen an increase of Rs 20 in one day and Rs 2 in two days. Silver September futures crossed Rs 31,000 and touched a high of Rs 4,150 while December futures crossed Rs 4,000 and touched a high of Rs 305.

Gold, excluding GST, rose by Rs 3 to Rs 9.10 per 10 grams and closed at Rs 30, up from Rs 4,015. Gold, excluding GST, rose by Rs 50 to Rs 3,050 and closed at Rs 3,0151. Prices with GST were quoted three per cent higher. Gold has officially seen a new record price. Gold has risen by Rs 50 in two days. Gold saw a rise of Rs 5 today.

Earlier, it was unofficially reported that the price of gold had gone up from Rs 2,000 to Rs 2,000 at the time of the ban.

In the Ahmedabad jewelery market, gold rose by Rs 500 to Rs 31,600 per ten grams of gold and Rs 31,200 per ten grams. Ahmedabad silver rose by Rs 200 per kg to close at Rs 2,000. In two days, an increase of Rs 200 has been seen. At home, silver has been at a seven-year high. In April 2011, silver was trading at Rs 2,000.

Gold traded at ૮૨૭ 16 an ounce, up from ૮૫૯ 20.5 an ounce and લર 4.5 an ounce, a four-year high. The other precious metal, platinum, was trading at ૮૯૫ 6, up from 21, while palladium was trading at ૨ 313, up from ૨ 2,113.

Additional stimuli are being issued by various countries to meet the economic impact of the corona, which will force these countries to print more currencies, which could lead to higher inflation in these countries. Market circles are reporting that funds are investing in gold to hedge against inflation. There were reports that China was looking to increase trading margins in silver.

The United States has instructed China to close its consulate in Houston in three days.

The dollar index fell to a four-month low. After the dollar fluctuated in the Mumbai currency market, it finally closed. The dollar had touched an intra-day low of Rs 6.5 and a high of Rs 4.5. The pound was down 3 paise at Rs 2.8 while the euro was up 5 paise at Rs 3.11.

In the US, crude oil stocks rose by 3 lakh barrels and crude oil prices eased. New York crude was trading at ૪ 71.8 a barrel, while Brent was trading at 4.5. The euro rose 3 paise to close at Rs 5.11. In the US, crude oil stocks rose by 3 lakh barrels and crude oil prices eased. New York crude was trading at ૪ 71.8 a barrel, while Brent was trading at 4.5.