Gold - Silver shocks severe recession: global gold under $ 1600

(Gujarat News Office) Mumbai, Ta. February 29 - Saturday

Bullion Bazaar was officially closed on Saturday following a shutdown in the Mumbai jewelery market. However, gold and silver prices fell sharply behind the closed market. Bullion market players were stunned when the global market closed Friday for $ 5 to $ 5 a barrel, following a sharp fall of $ 5 to $ 5 a barrel on Friday night.

In the global market, silver was also trading at $ 1.8 to $ 1.8 on the weekend. The imports of precious metals fell sharply as the global market plummeted, leading to widespread selling of gold and silver in the Mumbai market today.

Prices dropped sharply as new demand fluctuated. According to the buzzword in the world market today, the debate was heard about China selling gold and buying stocks. Given that US stock markets bounced back after a tumultuous Friday night, China has begun buying gold selling stocks. Such a debate was being heard in the world market today.

The impact of the rise in crude oil prices on the world market was also reflected in the impact of gold prices on the world market. Global stock markets plummeted to a four-month low on Friday night. Meanwhile, in the currency markets today, the closed-up markets were trading at Rs 5 to Rs 5 against the rupee, seeing that the rupee was more likely to break even in the open market on Monday.

At the bullion market today, gold prices in the closed market were called rupees of 5 grams at 5 rupees without GST and 5 rupees with rupees 5 were reported at Rs 5. However, prices with GST were three per cent higher. Meanwhile, in the Mumbai market today, silver prices were trading at Rs 5 per kg without GST of K4, while prices with GST were three per cent higher than this price. Platinum, palladium and copper prices were on the verge of falling industrial demand in the global market.

Platinum prices were down 4 percent to $ 6.5 at the end of the week, while palladium prices fell 5 to 8 percent. Copper prices in the New York market last weekend were down 8 to 8.5 percent.

Brentcrude prices fell below $ 5 per barrel on the weekend, with crude oil prices plummeting four to five percent on the global market. While New York prices finally dropped below $ 5, the last one was $ 1.8 to $ 8. CrudeTail is showing the biggest selling price rally since this week's price bracelet.

Meanwhile, data were showing today that China's deadly virus will reduce interest rates in the United States further, given the global recession. The dollar index against various currencies in the world market has fallen to 5, which was recently reached at the close of 1. However, there were reports of Japanese currency's yen rising against the dollar.