Ahmedabad: Following international rallies, the price of gold rose for the third consecutive day in Ahmedabad Market, settled Rs 50,200 per 10g on Wednesday.
Prices increase from Tuesday’s sign RS 50,100.
Silver prices also rose by Rs 1,000 per kg in one day at Ahmedabad, up to Rs 63,500 per kg.
The price of gold bars has increased due to increasing concerns about inflation and geopolitical uncertainty, analysts said.
Gold is considered a fence against inflation and economic uncertainty.
“Jewelry sales have taken more marriages that occur.
With the government’s relaxed regulations regarding the number of people permitted at marriage and shrinking Covid-19 cases, overall consumer sentiment has increased and this encourages sales,” said Jigar Soni, President, Bullion Association and Jewelry), Gujarat (IBJA), Gujarat.