'Safe Heaven Buying' rose sharply in gold

- Silver too high: Crude and Copper tinted

Mumbai, Ta. January 25, 2020, Saturday

The bullion market was officially closed on Saturday in the Mumbai jewelery market. However, closed-end markets saw a sharp rise in the global market for gold and silver prices, market sources said. There were reports of price overnight jumps in precious metals in the world market. With the rise of deadly virus infestation in China and the spread of such deadly virus in other countries, the stock markets of various countries globally have dropped and gold prices have risen. There were funded beers in gold. Global demand for safe investment in gold was reported in an environment of uncertainty. The US stock market overnight decline saw the biggest daily decline since October 1. Against this, there were reports of gold prices hitting $ 5 to $ 5 a week on the rise in the dollar market. Gold and silver prices were up in the wake of global market boom.

In the Mumbai market today, gold prices were up by Rs 5 to Rs 5 without GST and Rs 5 was up by Rs 5, while with GST, prices were up three per cent. Meanwhile, in the Mumbai market today, silver prices rose by Rs 5 to Rs 5 without a kilo of GST while cash in cash was calling at around Rs 5 higher than this price while prices with GST remained three per cent higher. In the global market, silver prices also fell by $ 1.8 a ounce to close at $ 5 to $ 8 a week.

Meanwhile, platinum prices went up by $ 5 to $ 8 and palladium fell to $ 5, and lastly $ 5 to $ 5. There was talk of price pressures amid the possibility of industrial demand in palladium rising as the virus spread to China. In such an environment, crude oil and copper prices were also falling in the world market.

Crude oil prices fell by two to two and a half percent. Brentcrude prices dropped below $ 5 a barrel last week at $ 1.8, while New York prices fell below $ 5 at $ 5. In the Mumbai market, the price of gold was talking around Rs 5 with GST. Meanwhile, New York coir futures were down 5.8% to minus 5 on the global market, while copper prices on the London Exchange fell below $ 3 a tonne of three-month delivery, and last week ended at $ 3 to $ 5.

The prices of other industrial metals were also under pressure. Tin prices were last down to $ 1 per thousand under a thousand dollars. Aluminum prices last fell to $ 5 to $ 5 while zinc prices fell to $ 5 to $ 5. Crude oil prices in the world market have plummeted by about six to seven percent this week. China is the second largest consumer of crude oil, and crude oil is falling behind China's weakness. However, crude oil stock in the United States was reported to decline by 5.4 million barrels. Crude prices have been declining steadily for the past three weeks.

What is Safe Heaven Being?

Globally, whenever economic uncertainty is created, the investment made by gold funds in the form of safe investment is often referred to as safe haven buying in the world market. Stock markets are generally shaky when global uncertainties are set in motion, and safe haven prices are rising in gold. Such a situation has recently been witnessed by the Chinese virus.