Local gold recovers trend: weakness in rupee

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(Gujarat News Office) Mumbai, Ta. January 16, 2020, Thursday

The trend of improvement in the domestic gold and silver market was behind the world market. Global funds are still skeptical of the deal between China and the United States and are turning to investment in gold, which has caused gold to remain high in the world market. Crude declines are witnessing a decline in trade deals. Gold imports are getting signs that the government is reducing customs exchange rates for importers. On the other hand, the money market today saw weakness in rupee.

At the local gold exchange market, the price of ten grams of gold, which closed yesterday at Rs 5 without the GST, remained modestly today at Rs 5. The gold was also closed at Rs. The prices with GST were three per cent higher.

In local gold, silver also recovered and crossed the Rs 1 per kg level. Silver rupee recovered by Rs 3 to close at Rs 5 today without GST. Late in the evening, the price was speaking at Rs. Gold in the foreign currency, which was trading at $ 8 an ounce yesterday, was trading higher today, from $ 8.5 to $ 8 an ounce, while silver was trailing behind gold at $ 1.8 per ounce to $ 8.5 per ounce. Funds are still interested in this precious metal as a safe haven, with the US-China agreement not yet clear.

The government reduced the customs exchange rate for importers. The customs exchange rate, which was formerly Rs 5.5 per dollar, has been reduced to Rs.

Thus, importers who are losing 5 paise in the exchange rate are being calculated to get the benefit. The new rate will be implemented from January 1. Importers consider this decline to be a major reduction.

The rupee had weakened against major currencies in the currency market. The dollar was up 4 paise to Rs. The pound was up by 5 paise to 1.8 rupees and the euro was up by 8 paise to 5.5 bucks.

New purchases in crude remained soft while prices remained under pressure. Brent crude came in at under $ 5 a barrel, and Nimmix was at $ 5 a barrel while Nimmix remained at $ 5 a barrel.

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