Crude oil prices fall again below 11 11: Gold and silver continue to decline

Mumbai, Ta. 28 April 2020, Tuesday

Safe haven gold and silver prices have started falling again in the world market and stock markets are seeing an improvement following signals from various countries to ease the lockdown imposed due to coronavirus. Gold and silver prices have also declined in the domestic market.

Crude oil prices are coming under pressure from the global economic downturn and are speaking at lower levels again. The outcome of the two-day meeting of the US Federal Reserve is being monitored. Gold and silver benchmark prices are being set amid local lockdowns. Gold, excluding GST of 99.50 per ten grams, which was closed at Rs 46,150 yesterday, fell to Rs 45,790 today and finally closed at Rs 46,010. 99.90 per ten grams of gold price of Rs 46336 to Rs 45974 closed at Rs 46195. Prices were quoted three per cent higher with GST. Silver.999 which was closed at 42,050 today fell to Rs 41,530 without GST and closed at Rs 41,650. Prices with GST were three per cent higher.

World gold prices fell to 16 1,696 an ounce from 17 1,719 an ounce in late trading at 9 1,709.50 an ounce, while silver was trading at 14 14.92 an ounce from 15 15.23 an ounce. The precious metal platinum was trading at 7 765.50 an ounce while palladium was trading at 1947 1947, down from 2000 2000. Gold weakened on expectations of a reduction in interest rates at the end of a two-day meeting of the US Federal Reserve.

The dollar weakened moderately before the Federal Reserve meeting. At the local level, the dollar traded lower at Rs 76.22 and closed at Rs 76.13. The pound gained 27 paise to Rs 95.00 while the euro remained steady at Rs 82.69.

Oil prices have plummeted. New York crude was down another 16 percent at 10. 10.75 a barrel, while Brent crude was down 20 20 at. 19.75. The global economic downturn has put pressure on crude oil prices.