look news india
Gold price in Ahmedabad: The precious metal market has seen extreme volatility this week. Bullion investors were disappointed as the Fed Reserve did not make any mention of interest rate cuts in the minutes. This led to profit booking in gold and silver. But later buying resumed with a 66 percent chance of a rate cut.
Last Saturday, the price of gold in Ahmedabad was Rs. 76100 per 10 grams. On Monday, 20 May 2024, it rose by Rs. 900 to a record high of Rs. 77000 per 10 grams. However, at the end of the week, it fell by Rs. 2000 to Rs. 2000 and is trading at Rs. 74100. As against the record high of Rs. 2900, it has fallen.
Silver continues to rise
Among precious metals, gold and silver witnessed opposite moves. Silver rose by Rs. 1000 on weekly basis today and was quoted at Rs. 91000 per kg. It reached its record high level of Rs. 93000 per kg. It has remained stable since the break of 2000 for the last three days.
Gold and silver futures face to face on MCX
In precious metals futures trading, 13,90,694 transactions worth Rs 1,15,733.54 crore were done in gold and silver on MCX during the week. In gold futures, MCX Gold June futures opened the week at Rs 72,907 per 10 gram, during the first week it touched an intra-day high of Rs 74,442 and a low of Rs 71,500. At the end of the week, it closed at Rs 71,577, down by Rs 403.
In comparison, the gold-guinea May contract fell by Rs 8 per gram, 748 to Rs 58,216, and the gold-petal May contract fell by Rs 96 per gram to Rs 7,066. Gold-mini June futures fell by Rs 1,264 to Rs 71,632 per 10 grams.
In silver futures, silver July opened at Rs 87,110 per kg at the beginning of the week, touched an intra-day high of Rs 95,950 and a low of Rs 86,900 during the week, closed the week higher by Rs 3,137 at Rs 90,437. Chandi-Mini June contract rose by Rs 3,302 to close at Rs 90,441, and Chandi-Micro June contract rose by Rs 3,262 to close at Rs 90,419.