There was a significant jump in the price of gold in the world market. After the global gold price fell to 3265 per ounce from 3295 to 3296 at the low, the price rose to 3370 at the high and was last quoted at 3319 to 3320 dollars at the end of the week. Market players were keeping an eye on the two-way fluctuation in the global dollar index and the trade talks between China and the US. The price of silver in the world market fell to 32.77 per ounce at the low and 33.68 at the high and was last quoted at 33.11 to 33.12 dollars.
The bullion market in Mumbai’s jewellers’ market was officially closed today due to Saturday. However, the closed market saw gold prices rebound after absorbing the shock, while silver prices showed a retreat. Meanwhile, at home, behind the world market, in the Ahmedabad jewellers’ market, gold prices rose by Rs. 500 per 10 grams to Rs. 98,800 for 995 and Rs. 99,100 for 999. However, the price of silver in Ahmedabad fell by Rs. 1,000 per kg to Rs. 97,000.
Meanwhile, the global dollar index was reported to have reached a high of 99.89 and a low of 99.40 and was last at 99.59. There were reports that business activity in the US had slowed down to a 16-month low. There has been a significant decline in such business activity there in April.
While there has been talk of the impact on business activity due to the tariffs and trade war imposed by US President Trump, there has also been a setback in consumer sentiment. There was news that unemployment claims in the US increased from 2 lakh 16 thousand to 2 lakh 22 thousand.
