look news india
The dollar continued to improve during the current week and the sell-off in the global bullion market also impacted domestic gold and silver prices.
In the current week, gold and silver prices have softened since Monday and remained unchanged on Wednesday. Bullion experts say that there is still no demand for jewellery at the local level, due to which prices are sluggish.
In Ahmedabad, 24 carat gold per 10 grams is Rs. 200 higher at Rs. 73900 and 22 carat gold is Rs. 200 higher at Rs. 73,500 per 10 grams. Similarly, local silver has fallen by Rs. 1,000 to Rs. 82,500 per kg. In three days this week, gold has fallen by Rs. 300 and silver by Rs. 1,500. In the international market, gold fell from $ 2496 to $ 2488 per ounce and silver softened from $ 28.29 to $ 28.07 per ounce.
In the futures market, gold on Comex was trading lower by $4.80 at $2,518.20 an ounce late Wednesday evening. The decline in the market appeared limited as equity futures witnessed some buying at lower levels. Sjrath Gold October futures fell by Rs. 68 to Rs. 71,381 per 10 gram. Silver October futures fell by Rs. 99 to Rs. 83,252 per kg.
Bullion experts said the dollar index was close to its highest level in the last two weeks as traders eyed the monetary scenario. On the other hand, due to weak domestic demand, Indian dealers increased their discount on spot prices to 8%, a six-week high. Along with this, Chinese dealers are also offering discounts of $ 1-10 per ounce.
The rupee fell 4 paise to Rs. It closed above 83.99. The dollar index strengthened, holding above 101.60 as traders focused on monthly unemployment and nonfarming payrolls data, which are key metrics for Fed policy views.