Ahmedabad: Amid increasing tensions in the Middle East and greater anticipation of an interest-rate cut by the US Federal Reserve this Sept, gold and silver prices inched higher in the international market. The price of the yellow metal hit a record $2,501 per troy ounce on Saturday, according to data from the World Gold Council.
In the local market, the price of gold was Rs 74,000 per 10g and that of silver price also increased to Rs 83,500 per kg.Silver prices rose sharply by Rs 1,500 per kg, while gold prices increased by Rs 1,000 per 10g in one day.
Had the recently announced Union budget not cut interest rates, domestic gold and silver prices would also have hit record levels.
In Ahmedabad, gold reached a record high of Rs 77,000 per 10g and while silver hit Rs 90,000 per kg earlier this year.
According to analysts, the dollar index fell, making gold more appealing for buyers overseas. Haresh Acharya, director of the India Bullion and Jewellers’ Association (IBJA), said, “The import duty cut on gold and silver in the recent Union budget was a boon in disguise for Indian investors and retail consumers. In the coming festive season, gold and silver demand is expected to increase.”
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