Gold and silver prices continued to rally behind the world market and jewellers were left speechless as new high prices were seen before Diwali. The rally in the jewellery markets continued to boil as import costs increased at home due to the advance in the world market. In the Ahmedabad gold and silver market, silver rose by Rs. 10000 in two days and today a new record of Rs. 170000 was created in silver. Gold also rose by Rs. 128000 today and created a new record.
The price of silver in the Ahmedabad market increased by Rs. 10 thousand in two days, creating a lot of excitement among the market players. Silver prices have increased by Rs. 20 thousand this week and gold prices have increased by Rs. 5500 this week, market experts were saying. Today, Ahmedabad silver closed at a record high of Rs. 170000 and gold (99.9) at Rs. 128000 and gold (99.5) at Rs. 127000.
According to market experts, the market price is currently very high compared to the import cost, and there was also a surprise. Meanwhile, in Ahmedabad jewelry markets today, gold prices rose by Rs. 1500 per 10 grams, while the price of Ahmedabad silver rose by Rs. 5000 per kg. With records being created in the market every day, experts were also expressing the fear that Diwali demand will be affected.
Meanwhile, gold prices in the world market, which had fallen to a low of $3983 to $3984 per ounce on Friday, rose again and were expected to rise to $4017 to $4018 by the end of the week. Behind gold, global silver prices rose by $49.95 and were last at $50.15.
According to world market news, funds re-entered global gold as the trade war between China and the US resumed and the global dollar index fell.
US President Trump has become angry after China imposed restrictions on the export of metals considered precious metals and has announced to impose more stringent tariffs on China, increasing tensions between the two countries. There were indications that the dollar index in the world market, after reaching a high of 99.43, fell to a low of 98.81 and finally settled at 98.85.
The bullion market was officially closed in the Mumbai jewellers’ market on Saturday. However, in the closed market today, the price of gold was Rs. 121038 without GST for 995 and Rs. 122450 while 999 was also being shown. Meanwhile, in the Mumbai Currency Market today, the price of the dollar against the rupee was being quoted at Rs. 88.69 from Rs. 88.76 to 88.77.
As tensions between China and America increased, however, there was a rapid decline in the prices of platinum, copper and palladium in the world market and there was news of a fall in the prices of crude oil. The price of Brent crude fell from 64.34 per barrel to 62 to 62.73 dollars. While the price of palladium fell from 1469 to 1405 dollars per ounce and the price of platinum from 1643 to 1597 dollars. US crude prices fell to $58.22 a barrel and were last at $58.89.
The last time silver in the global market had seen such a rally was in 1980 when Hunt Brothers made a play on silver by making it a corona. The inflow of investment in silver ETFs was expected to be three times more than the inflow of gold this year.
Global central banks’ purchases of gold have also increased. At home, the jewellery market is now looking towards Diwali and Dhanteras. US stock markets crashed as tensions between China and the US escalated and gold prices rose.
