Gold touches Rs 50,000 in Ahmedabad

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MUMBAI: Gold prices strengthened in the domestic gold and silver market on Friday as the rupee depreciated sharply against the dollar. World market prices remained stable but the strength of the dollar led to rising import costs and rising gold prices. With the Ahmedabad market reopening today after the Diwali holiday, gold touched a level of Rs 20,000.

Gold was fluctuating in the world market before the inflation rate in the US. Investors were cautious ahead of the late-night US inflation figures. Weekly jobless figures in America were also under scrutiny.

In the domestic gold and silver market, the price of gold, excluding GST at Rs 9.50 per 10 grams, which was closing at Rs 303 yesterday, rose marginally to close at Rs 215 today. Prices were quoted three per cent higher with GST. The price of ten grams, which was set at Rs 215 yesterday, was modestly higher at Rs 71 today.

Prices were set three per cent higher with GST. Silver. Without GST of Rs. 1 per kg, which was Rs. 30 yesterday, remained modestly lower today and closed at Rs. Prices were set three per cent higher with GST.

Markets resumed in Ahmedabad today after the Diwali holiday. Prices were higher than before Diwali. The price of ten grams, which was Rs 2,000 before Diwali, has risen to Rs 200 today. The price of ten grams which was Rs. 500 before Diwali had gone up by Rs. Silver was priced at Rs.5000 per 5 kg.

World gold was trading at ૮૨૬ 19.50 an ounce and silver at ૨૪ 6.15 an ounce.

Crude oil prices remained supportive in anticipation of rising demand. New York crude was trading at ૬૭ 4.5 a barrel, while Brent was trading at 4.5. The dollar had gained 3 paise to 2.7 rupees.

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