Gold-silver slump: Ahmedabad silver hits Rs 5,500 in two days

(Commercial Representative) Mumbai, Ta. Tuesday, September 22, 2020

Players were stunned by the sharp fall in gold and silver prices in jewelery markets across the country today. Speculators were particularly shocked when prices fell in the jewelery market and jewelers were relieved to see better demand for the upcoming festivals.

In the Ahmedabad jewelery market, gold prices fell by Rs 600 per 10 grams today, while silver prices fell by Rs 4,000 per kg. Silver prices in the Ahmedabad market fell by Rs 5,500 in two days, market sources said. There were indications of a sharp decline in the price of precious metals in the Mumbai market as well as in the jewelery markets in Delhi, Chennai and Calcutta.

According to jewelers, gold and silver prices have plummeted in the world market, which has seen a sharp fall in the import cost of domestically imported precious metals amid rising selling in the market. In the Ahmedabad market, silver fell to Rs 60,000 today, while gold fell to Rs 52,300 from Rs 99.50 and Rs 52,500 from Rs 99.90.

In the Mumbai market, silver was trading below Rs 60,000 without GST. The price of an ounce of gold in the world market today fell from 7 1900 to તબક્ 1897 at one point and was reported to be from 16 1916 to 17 1917 in the late evening.

According to world market sources, corona infestation has resurfaced in Europe and Britain, and fund buying in the form of safe haven buying has increased this time around amid renewed uncertainty over the emergence of widespread suspicious transactions by various banks around the world.

As a result, the dollar index rose against a basket of various currencies, leading to reports of increased sales of money managers in gold in world markets. The one-day rise in the dollar index was the biggest three-month high in the world market. In the Mumbai currency market, the dollar rose against the rupee today.

Prices of other precious metals also fell in the world market today. Platinum prices were falling to within 900 900 an ounce. While the palladium market lost a surface of સપાટી 2300. Analysts said that global bullion and currency market players are now keeping an eye on the number of jobless claims released in the US on Thursday.