On Thursday, gold fell by Rs 1,500 and silver by Rs 2,000 in Ahmedabad gold-silver market. People kept waiting for a good price to fall for shopping in Ashtami’s auspicious time, but this hope collapsed.
Then, on the second day of Akhtriya, people breathed a sigh of relief due to significant fall in gold and silver prices. Gold fell by $ 73 to $ 3,206 an ounce in the global market. While silver fell 62 cents to $ 31.75 an ounce. Meanwhile, June gold futures fell by Rs 2,389 to Rs 92,313 per 10 grams on Thursday. Meanwhile, the May futures contract of silver fell by Rs 2,095 to Rs 92,569 per kg.
Comex gold fell by $ 99.40 to $ 3,219.70 an ounce. While silver fell 8.46 cents to $ 31,685 an ounce. Gold has fallen by five thousand rupees in a week. While the price of silver has seen a decline of Rs 4,000 in the last two days. The rising price of gold is also affecting its demand. People are currently hesitating to buy gold at highly high prices. On the other hand, the demand for gold in India has decreased by 15 percent in India in a period of three months from January to March. There was a demand for 118.1 tonnes of gold in India in the first quarter of this year. Whereas in the first quarter of this year, the demand for global gold increased by 1 percent to 1,206 tonnes. Which is the largest figure of the first quarter since 2019.
The demand for gold has increased due to the current global economic crisis. Gold provides protection from inflation. Even if the rupee falls, the value of gold remains stable. Gold is a safe investment at the time of war, recession and economic uncertainty. Cash is also available for sale at the time of need.
