Ahmedabad silver in Rs. A surge of 3000

(By commercial representative) Ahmedabad, Mumbai, Ta. 27 August 2020, Thursday

The backyard of the world market saw a huge uproar in silver. Precious metals in the world market were rising again from low heading. The precious metal has seen a resurgence in fears of renewed tensions with the US over the launch of two missiles by China into the South China Sea. The rupee strengthened against major global currencies at home. Crude oil has a softening atmosphere again.

Behind the world market, silver rose by Rs 4,000 to Rs 2,000 per kg in the Ahmedabad market today. Gold, however, declined by Rs 200 to Rs 200 per ten grams at Rs 2.50 and Rs 600 to Rs 3.50 per ten grams.

At home, silver in the Mumbai market rose by Rs 205 per kg, excluding GST, to Rs 3 and finally closed at Rs 4. Prices with GST were quoted three per cent higher. The price of ten grams of gold excluding GST at Rs 2.50 was Rs 31,601 and closed at Rs 21,018. 3.50 gold ten gram excluding GST price of Rs 31110 to Rs 315 to close at Rs 215. Prices with GST were quoted three per cent higher.

World gold was trading at ૯૪૩ 16 an ounce, up from ૯ 1,215 an ounce, while silver was trading at ૨૭ 4.5 an ounce, up from 4.5 an ounce. The other precious metal, platinum, was trading at ૯૩૪ 6, up from 70, while palladium was trading at ૨ 3131 an ounce, up from 215. As part of a retaliatory response to a US spy plane, China has fired two missiles into the South China Sea, sparking a resurgence of tensions between the two countries.

The downtrend in the US dollar index had an impact on the dollar. In the domestic currency market, the dollar fell by 50 paise to close at Rs 4.51. The pound was down 19 paise at Rs 2.7 while the euro was down 21 paise at Rs 4.5.

Inflation of foreign funds has increased at home. Crude oil has again seen a downward trend. New York crude was trading at 2.15 a barrel, while Brent was trading at ૪૪ 4.5 a barrel.