Gold prices skyrocket to ₹70,500 in Ahmedabad’s market amid global surge
Updated: Mar 30th, 2024
The impact of the international market reached the gold market in Ahmedabad, with gold prices breaching a new bar of ₹70,500, rising ₹1,000 in a day.
The surge in gold prices in Ahmedabad can be directly attributed to the notable uptick in global gold prices, which rose by $35 on Mar 29, reaching a high of $2,229.87. Silver prices also rose by $24.96.
Despite the movement in the market during the Good Friday holiday, the commodity market jumped to record-high prices in Ahmedabad.
Even Mumbai's bullion market soared, with ₹68,250 in gold and ₹74,550 in silver.
Gold price movement in the last five years
| Year | Average annual rate (₹) |
|---|---|
| 2020 | 48,651 |
| 2021 | 49,720 |
| 2022 | 52,670 |
| 2023 | 65,330 |
| 2024 | 70,500 |
The rise in gold prices is attributed to reports of central banks around the world increasing their gold reserves and geopolitical uncertainty.
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