Ahmedabad silver jumps to Rs 68,000

(Gujarat News Office), Mumbai, Ta. 28 December 2020, Monday

MUMBAI: Silver prices rose in the gold and silver markets today, while gold prices fell in the evening on the back of higher gains. World market news was showing two-way fluctuations. In the domestic currency market, the dollar depreciated against the rupee today, while the British pound and the euro appreciated. The rupee rose against the dollar in early trade today on record highs in the stock market.

Crude oil prices rose in the world market today. There were indications that OPEC and its allies would now meet on January 4. In the Ahmedabad jewelery market, silver prices jumped by Rs 1,000 per kg to Rs 3,000 today, while Ahmedabad gold prices fell by Rs 100 per 10 grams to Rs 31,600 from Rs 2.50 and Rs 21,600 from Rs 4.50.

Gold prices in the world market today rose from ૮૮૩ 15 to ૮૮૪ 12 an ounce to a high of ૮૯૯ 15, after which the price fell again to ૮૭૩ 12-13 in the late evening. On the back of gold, global silver also touched a high of ૮૨ 4.5 to ૮૩ 7.5 an ounce today, hitting ૭૫ 4.5 to ૭૬ 7.5 an ounce, and fell again to ૨૬ 6.50 to ૨૬ 7.31 an ounce in the evening.

World gold prices soared today after US President Trump approved a ડો 300 billion relief package to Corona virus aid there, but such a surge did not last long and prices plummeted again in the evening. In addition to the Corona package in the United States, a total of about ૩ 2.50 trillion has been released from government funding, according to world market analysts.

Meanwhile, in the Mumbai bullion market today, gold price excluding GST was Rs 8,002 per 10 grams at Rs 30,000, closing at Rs 8,005, while the price of 7.50 per kg was closing at Rs 305, up from Rs 30,600 per kg, while it was closing at Rs 4,015. Silver prices today closed at Rs 5,105 per kg, excluding GST.

Late in the evening, prices were hovering between Rs 500 and Rs 700 and prices, including GST, were three per cent higher in both the precious metals. In the world market, the price of platinum rose from ૨૬ 105 to ૩૩ 105 and the price of palladium rose by ૨૩૪૨ 20 to ૨૩૪૨ 50.

In the Mumbai currency market, the dollar fell by five paise to Rs 2.50 against the rupee today, while the pound rose by seven paise to Rs 2.50 and the euro rose by 21 paise to Rs 4.5. The pound and the euro strengthened after the Brexit trade agreement between Britain and Europe.

Meanwhile, world crude oil prices rose by about one per cent this evening to ૪૮ 2.7 a barrel on New York crude and ૫ 61.8 a barrel on Brent crude. According to market analysts, the approval of the relief package in the US has pushed up the price of crude oil in the world market.

Meanwhile, OPEC and its allies are set to increase daily production by about 500,000 barrels a day from January, and global players were now eyeing the January 4 meeting. Gold prices in the world market today fell after reaching a seven-week high.