Ahmedabad: After the resumption of the market in Ahmedabad Diwali On Wednesday, the price of gold once again reached Rs 50,000 per 10 grams.
The last time the price of gold was at this level was on July 30. Analysts and bullion traders attributed the rise in gold prices to the strengthening of the US dollar against the Indian rupee.
On Wednesday, the rate of the US dollar against the Indian rupee stood at 74.4.
“The increase in the price of gold is due to a slight jump in the international gold prices. The demand for gold in the international market has increased, which has led to a rise in prices. Moreover, as the Indian rupee depreciates against the US dollar, the effective price of gold in the Indian market will be higher,” said Haresh Acharya, director, India Bullion and Jewelers Association (IBJA).
At around 6.30 pm on Wednesday evening, the spot price of gold fell marginally to $ 1,825.6 (about Rs 1.36 lakh) an ounce. world gold council, prices firmed up in the local markets. Despite the jump in prices, jewelers expect good demand in the coming days.
“As soon as markets resume operations Labh PanchamDue to the Muhurta, the demand remained strong as people came to buy bullion. Jigar Soni, President, Jewelers Association of Ahmedabad (JAA), said, “In view of the wedding season, the number of customers at jewelery shops has remained good and people are making high value purchases in a big way.
Overall, festive season sales turned out well for jewelers across the country Gujarat, An estimated 750kg of gold was traded Pushya Nakshatra And Dhanteras Muhurta before Diwali, backed by Muhurta shopping.
Soni further said, “People have realized the importance of gold as an asset class during the pandemic and despite better returns in other asset classes, be it equities or mutual funds, investor confidence in gold remains intact. ”
The last time the price of gold was at this level was on July 30. Analysts and bullion traders attributed the rise in gold prices to the strengthening of the US dollar against the Indian rupee.
On Wednesday, the rate of the US dollar against the Indian rupee stood at 74.4.
“The increase in the price of gold is due to a slight jump in the international gold prices. The demand for gold in the international market has increased, which has led to a rise in prices. Moreover, as the Indian rupee depreciates against the US dollar, the effective price of gold in the Indian market will be higher,” said Haresh Acharya, director, India Bullion and Jewelers Association (IBJA).
At around 6.30 pm on Wednesday evening, the spot price of gold fell marginally to $ 1,825.6 (about Rs 1.36 lakh) an ounce. world gold council, prices firmed up in the local markets. Despite the jump in prices, jewelers expect good demand in the coming days.
“As soon as markets resume operations Labh PanchamDue to the Muhurta, the demand remained strong as people came to buy bullion. Jigar Soni, President, Jewelers Association of Ahmedabad (JAA), said, “In view of the wedding season, the number of customers at jewelery shops has remained good and people are making high value purchases in a big way.
Overall, festive season sales turned out well for jewelers across the country Gujarat, An estimated 750kg of gold was traded Pushya Nakshatra And Dhanteras Muhurta before Diwali, backed by Muhurta shopping.
Soni further said, “People have realized the importance of gold as an asset class during the pandemic and despite better returns in other asset classes, be it equities or mutual funds, investor confidence in gold remains intact. ”
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