Mumbai: The jewelery market has witnessed a boom. Spot silver has recorded a sharp jump of 2510, while gold has crossed the 57600 level. However, the forex market weakened by 26 paise against the dollar. Gold crossed $1,900 on hopes that the Federal Reserve will take a dovish stance on interest rate hikes after reports that other banks, including Silicon Valley Bank and Signature Bank, are going into liquidation. While the rupee depreciated by 26 to 82.49 against the US currency due to dollar strength in the interbank foreign exchange market and selling by foreign entities from the domestic equity market.
The price of gold and copper rose in the Mumbai jewelery market. A bullish wind was seen in the country’s jewelery markets as the import cost of the precious metals imported into the country increased as the rupee tumbled against the dollar in the domestic currency market amid price corrections along with news affecting global market sentiment.
Silver present Rs. 63,666 per kg against the previous close of Rs. 2510 with a jump of Rs. 66,176, while pure gold of 999 touch was Rs. 56968 against the previous close of 10 per gram Rs. 637 with a jump of Rs. reached the level of 57,605. Similarly, the standard gold price of 995 touch Rs. After opening at 57,541 against the previous close of 56,740 per 10 gram Rs. 634 with a jump of Rs. reached the level of 57374.
It was reported that the price of gold in the world market increased from 1868 to 1869 per dollar per ounce and crossed 1900 to the high price of 1902 to 1909 dollars. Behind gold, global silver prices increased from 20.53 to 20.54 per annum to 21.61 to 21.39 to 21.40 per dollar. Gold price in Ahmedabad market increased by Rs. 300 to 99.50 to Rs. 58300 and 99.90 Rs. 58500 were reported to have remained. Ahmedabad silver price per kg more than Rs. 1000 increased to Rs. 64500 were spoken. According to the directions of the world market, amid the banking crisis in America, there is now a possibility of a break in interest rate growth, while the global dollar index fell, there were indications of increased buying of funds in gold. There was also talk of the fund turning to gold as the global stock markets crashed. Meanwhile, in the world market, platinum prices increased from 964 to 965 per ounce to 992 to 988 to 989 dollars, palladium prices rose to 1430 to 1397 to 1398 dollars from 1383 to 1384 per ounce.
Silver surged to 2510, gold crossed 57600
