Crude oil and the dollar also declined

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Mumbai, Ta. 27 April 2020, Monday

Domestic behind the world market saw a decline in gold prices earlier in the week while silver prices remained modest. On the first day of the week, crude oil and the dollar were also reported to be under pressure. Bank of Japan has lifted restrictions on bond purchases by liberalizing stimulus. This step has been taken keeping in view the impact of Kovid-12 on the economy.

In the domestic gold and silver market, the GST-free price of 2.50 gold, which was Rs 20 per 10 grams last weekend, fell to Rs 5,150 today. Gold fell from Rs 200 to Rs 5 at Rs 4.50. Silver.2 The price of a kg rose from Rs 2,000 to close at Rs 4,050 today. Prices were quoted three per cent higher with GST.

Gold and silver prices are believed to be coming under pressure as stock markets rise following reports of lockdowns in various parts of the world. The price of an ounce of gold in the world market, which was ૭૨૯ 16.50 at the end of last week, fell to ૭ 1,215 today and was trading at ૭ 1,215.50 in the late evening. Silver also fell from ૫ 16.5 an ounce to ૫ 16.15 an ounce and traded at 16.8 an ounce.

Platinum, another precious metal, fell to ૭૬૪ 6 an ounce from ૭૬૮ 6 an ounce, while palladium was trading at ૨ 203 an ounce, up from 205 an ounce. The Mumbai currency market witnessed sharp fluctuations in the dollar during the short trading session. At the end of last week, the dollar had touched a low of Rs 6.05 and finally closed at Rs 4.5. The pound was up 3 paise at Rs 2.7 and the euro was up 3 paise at Rs 7.5.

The ongoing trend of lower global GDP figures due to Kovid-15 has put pressure on prices for fear of affecting crude oil demand. Nymex was down 5 per cent at à«© 19.15 a barrel, while Brent crude was down 5.5 per cent at 20.8.

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