Gold - Silver tangles: Large troughs in crude

(Gujarat News Office) Mumbai, Ta. 07 Mar 2020, Saturday

Bullion market was closed officially on Saturday in the Mumbai jewelery market. However, closed-end markets had dropped sharply on the back of the world market, leaving gold and silver prices rising. There were indications of a significant drop in gold and silver prices heading into the global market on Friday night.

With the rise of job growth figures in the US, the dollar index against the basket of different currencies in the world market has risen, and this has led to the news that there has been a surge in gold market in the world market. The impact of the news that crude oil prices in the world market hit a big 3-5 per cent has also diminished gold prices in the global market.

The sharp fall in gold prices was $ 6.5 to $ 5 on the weekend, after the gold price fell to $ 1.8 in Friday's high. After the gold, silver prices in the global market, which fell from $ 8 to $ 8 per ounce, fell to $ 1.8 to $ 1.8.

A big bang was called in Crudtail. There were reports of a major crackdown on crude oil prices in the world market, with Russia not supporting OPEC's meeting of countries to reduce crude production and Russia refusing to cut production further.

Brent crude prices fell last week's $ 5 a barrel to $ 1.8 to $ 8, while New York prices fell below $ 5 to $ 5.5 to $ 1.8.

The total production of crude oil is currently being implemented in the global production of 1 lakh barrels on a daily basis, and the production cut was considered at the meeting of Sopek to determine the production cut of more than 3 lakh barrels on a daily basis, but there were reports that Russia refused. The manufacturer, called Novak, also showed little interest in reducing production. As a result, crude oil prices in the world market fell to a new low after the fall.

Meanwhile, in the bullion market today, gold prices in the closed market were trading at Rs 5 to Rs 5 per gram without the GST while the price of Rs 5 remained at Rs 5 to Rs 5 today while the price with GST was Rs. Prices were up three percent higher.

Meanwhile, silver price in Mumbai market today was Rs. 5 per kg without GST of Rs. 2 while cash in cash was Rs. 3 to Rs. 5 and with GST, prices were three per cent higher.

Meanwhile, platinum prices in the world market were up four to four and a half percent on the weekend, from $ 1.8 to $ 8, while palladium prices were last up $ 1.8 to $ 1.8. New York Copper futures, however, remained at minus 8.5 percent in the weekend.

With the dollar index rising in the world market, in the closed currency market today, the dollar was up by Rs. 5 against the rupee and closed at Rs. In the US, the new Job Record for February is the new record since May 1, when the job growth figures came in. There have also been upward revisions for the December and January job statistics. However, with the outbreak of the Corona virus now reported, there were reports suggesting that the March jobgrowth figures would be weak.