Jewelery market booms: Rs 1,600 in gold and Rs 2,500 in silver

(Commercial Representative) Mumbai, Ta. Tuesday, August 11, 2020

At a time when the atmosphere of Lord Krishna's birth and Janmashtami has been created in the country, it was seen in the weather market that the boom in the jewelery market has erupted. Global players were stunned today as gold prices plunged below 2000 2,000 an ounce in the global market today.

Behind the world market, gold prices fell by Rs 1,600 per 10 grams today, while silver prices fell by Rs 2,500 per kg. Following the news that a vaccine had been discovered and registered in Russia as per the instructions flowing from Russia in the wake of the Corona infestation, there was a massive sell-off in the world market by gold-headed fundraisers and money managers. Gold prices plummeted against the backdrop of the Corona vaccine index as global stock markets rallied today.

In Ahmedabad jewelery market, gold was quoted at Rs 1,600 per 10 grams at Rs 55,700 for 95.50 and Rs 55,900 for 99.90 per kg, while Ahmedabad silver fell by Rs 2,500 per kg to Rs 70,000. Silver futures were trading below Rs 70,000 in the late evening trade.

Gold prices in the world market fell sharply from 20 2031 an ounce to within ડો 2000. Late in the evening, the price was reported to be between 50 1950 and 5 1955. Gold prices fell by about 80 80 an ounce in the world market today, a long-term short-term high, according to world market analysts.

Silver traded lower by 28 28.25 to. 28.30 an ounce on the back of gold in global trade, moving closer to 27 27 late this evening. Prices of precious metals like platinum and palladium also declined in the global market today on falling gold and silver.

In addition to the news of vaccines in Russia, news from the United States said that the dollar index rose globally following indications that the Trump administration would provide capital gains tax relief to support the corona-affected economy there, leading to a sharp fall in gold prices. The price of platinum fell to close at 9 950 an ounce while the price of palladium fell to a low of 21 2135.

With prices falling in the jewelery market during the festive season, some sections of the market were also hoping for seasonal demand. Analysts were predicting that the price of gold in the world market would fall below 1980 1980 to 19 1920.

Apart from Ahmedabad, jewelery markets in various cities including Mumbai, Chennai, Delhi and Calcutta were in a slump today. Gold-silver futures market has begun to decline in the global bullish position. Such instructions were also received. Globally, gold market traded fund ETFs are now showing signs of slowing down growth in gold holdings, according to world market sources.