Gold rush breaks early on weekly gains

(Commerce Rep) Mumbai, Ta. 13

After a record surge in the previous week, gold prices have seen a fall in profitable selling prices at the start of the new week. Despite the production cuts in cod oil, the price has not seen the expected rise, while on the other hand the pound and the euro remained strong against the rupee, but the dollar has softened since the back of the dollar.

At the local gold exchange, gold prices remained unchanged at Rs 5 at the start of the week with the price of gold losing ten GST without closing at Rs 5 last week. The gold was trading at Rs 5, closing at Rs 5 per kg. Gold prices were up three per cent higher with GST. Silver was pressed on the back of gold. The silver was last closed at Rs 5 without GST in the previous week. It remained soft at Rs 5 today. With GST, prices were up three per cent higher.

Gold prices in the world market, which fell to $ 8 an ounce last weekend, were falling between $ 1 and $ 5 following a sell-off of funders. Silver, too, dropped in the late evening ounce to between $ 5.5 and $ 8.

Other precious metals, platinum, were steady at $ 5 an ounce, while palladium was up $ 5 to $ 5.

In the local currency market, the dollar was trading at Rs 1.8, while the pound had risen by 5 paise to Rs 1.8, while the euro was up by 8 paise to Rs 1.8. Dollars sold in funded gold were traded in the index.

Despite the agreement to cut production on OPEC and allied countries in cod oil, prices did not show the expected rise. Producing countries have agreed to cut production of 1 million barrels per day, but expectations were high in the market. As expected, Brent Kud, the non-cut, fell by $ 1.8 per barrel to $ 1.8, while Nikex remained stable at $ 1.8. The demand in cod oils is also softened due to corona.