Gold prices closed lower in local markets behind the overseas market

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Mumbai, Ta. March 21, 2020, Saturday

On Friday, the surge in the local gold and silver market was not behind the foreign market. Despite the announcement of relief packages by foreign governments due to the corona, gold has been witnessing an absence of investors. Gold closed overseas for the current weekend. Crude oil also declined over the weekend due to the recession of the oil war.

The 10 grams of gold 99.50, which closed yesterday at Rs 41169 without GST, was trading at Rs 40500 today. The silver was trading at Rs. 37140 a bargain with a drop of Rs. Gold overseas has seen its impact in the domestic market, sliding below $ 1,500 an ounce.

Over the weekend, gold prices fell below $ 1,498 to $ 1,498 an ounce. Silver, too, was down $ 12.68 at the weekend. Other precious metals platinum fell $ 613.44 an ounce and palladium fell $ 1642.71 on the weekend.

The weekly crude prices have seen the biggest decline in the last thirty years. Saudi Arabia and Russia have the potential to further fuel the oil war.

Brent crude oil fell from $ 29.31 a barrel to $ 26.98, while Nymex was down from $ 25.97 per barrel to $ 22.43. For the first time since 1990-91, such a large weekly decline has been observed, market sources said.

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