Gold - silver traded behind the world market

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(Gujarat News Office) Mumbai, Ta. 15 February 2020, Saturday

Bullion market was closed officially on Saturday in the Mumbai jewelery market. However, gold and silver gained momentum behind the closed market. World market news showed a surge in prices. There were reports of gold fund raising in the world market amid fears that a deadly virus infestation in China would adversely affect the global economy. In the global market, gold prices were trading at $ 1.8 to $ 5 per bounce on the high end of the week. In the global market, gold prices traded higher by $ 1.3 per ounce and lastly stayed at $ 1.8 to $ 8.

In the jewelery market, prices were calling higher today as the domestic metals backed by the global market, as the precious metal import cost went up. In the closed currency market today, the dollar was trading against the rupee at Rs.

Meanwhile, in the Mumbai jewelery market today, gold prices remained flat at Rs 5 per 5 grams without GST while the price of Rs 5 was Rs 5 per Rs. However, prices with GST were three per cent higher.

Meanwhile, in the Mumbai market today, silver prices remained at Rs 5 to Rs 5 without the GST of 5 kg while cash in cash remained above Rs 6 and the price with GST remained three per cent higher. In the world market, platinum prices were last week at $ 1.8 to $ 1.8, while palladium prices were lasting $ 2.5 to $ 8.

There was news that the Indian government had reduced the tariff value used as a benchmark for domestic and gold import duty. According to the news from Delhi, such tariff value of gold has been reduced from 5 grams to 5 dollars and silver has been reduced to 5 dollars per kilogram. As a result of this, the impact of domestic import and import duty on gold and silver has also decreased.

Brentcrude prices were up from $ 1.8 to $ 8 per barrel on weekends and New York was last seen at $ 1.8 to $ 1.8. The meeting of various crude producing countries is due in March. However, prior to this, a recent meeting was being held to convene an early February meeting to reduce China's deadly virus spread and reduce production from crude demand.

According to the latest news, Russia has shown little interest in such a meeting. While Saudi Arabia was still insistent on urging an early meeting. Overall, the idea of ​​such an early meeting is likely to drop.

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