Gold price rises by ₹700, settles at ₹65,500 per 10g

Ahmedabad: Gold prices showed a sharp single day rise on Saturday to settle at Rs 65,500 per 10 grams in the Ahmedabad market. This means gold became expensive by Rs 700 per 10 grams in a day compared to Rs 64,800 per 10 grams on Friday. Gold price traced the international rally wherein costs went up to the level of $2,072 per troy ounce.
The steep hike in yellow metal prices amidst the peak of the wedding season has left jewellers and retailers in a lurch as high prices will remain deterrents to gold demand.
The sale of gold already plunged to 4 metric tonnes in November, according to data by Ahmedabad Air Cargo Complex (AACC), despite the muhurat sales on Dhanteras. “Gold and silver advanced as prices continued to benefit from optimism that the Federal Reserve has concluded its interest rate hikes, especially in the wake of comments by the US Federal Reserve governor over bringing inflation under control,” said a city-based bullion trader. Even silver prices soared to Rs 77,000 per kg on Saturday. TNN