look news india
Gold Silver Price Today: The festive season has also started as soon as the month of Shravan has started. As a result, the bearish clouds that had been hovering over the precious metal market for the last three-four months have cleared. Due to the continuous rise in prices, the demand for gold and silver in the domestic market remained negative. But due to the fall and stability in prices in the last few days, the demand for safe havens, especially silver, has increased.
Gold became costlier by Rs 1100 in Ahmedabad
Today, the price of gold in Ahmedabad was quoted at Rs. 72500 per 10 grams. Which has increased by Rs. 1100 to Rs. 71600 per 10 grams yesterday. On the other hand, silver became costlier by Rs. 800. 81500 per kg. The effect of the increase in the prices of gold and silver at the global level has been seen on the domestic market.
Gold and silver prices fell in July
Globally, the precious metal market witnessed an attractive rally from May to June due to the possibility of interest rate cuts by the US Fed Reserve and geopolitical crisis. However, prices have been falling since July. In the local market, gold is Rs. 2200 per 10 grams (2.96 percent) and silver is Rs. 6000 per 1 kg (6.67 percent) cheaper. The fall in prices has increased the demand. However, now that prices are rising again, retail traders are doubtful whether the demand will increase or not. Earlier on May 20, 2024, gold reached a record high of Rs. 77000 per 10 grams and silver Rs. 77000. 93000 per kg.
Will the price go down?
Hemant Sathwara of Ahmedabad Chowksi Mahajan said that the slowdown seen in the last few months has reduced. But drought has not been recorded yet as compared to last year. The fall in prices in the last few days is likely to increase demand in the upcoming festive season. However, since the precious metal market is dependent on global factors, there are no signs of a major decline in prices.
