Gold, silver prices fall to 3-month low in Ahmedabad

AHMEDABAD: With consistent drop in international prices coupled with decrease in demand, the gold and silver prices have come down to three-month low in the city.
The rate of yellow metal in international market is the lowest in last eight months which in turn has allowed jewelers and bullion traders here to offer gold at discounted rates. The 24 karat gold in Ahmedabad was trading at Rs 26,250 per 10 gram, while the 22 karat gold was at Rs 24,250 per 10 gram, the lowest in the last three months.The gold prices have dropped by Rs 107 per 10 gram in just last one month.
Similarly, silver prices have come down too. The white metal was trading at around Rs 34,500 per kg in bullion market in the city on Friday. In the last one month itself, the silver prices have fallen by Rs 2,770 per kg in Ahmedabad.
"The prices of gold in international market have come down to $1,142 per ounce, the lowest since November 2014. This has affected Asian markets in a positive way. With dollar getting stronger, the prices may fall further in India," said Chirag Thakkar, director, Amrapali Industries.
Bullion traders claim that demand has fallen drastically in international as well as local markets for gold which has led to low prices.