Mixed weather in gold and silver: Silver rises despite weakening dollar

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(Mumbai, April 29, 2020, Wednesday)

The local gold and silver market behind the world market witnessed mixed weather today. The decline in gold prices continued while silver rose again from lower prices. Major currencies, including the dollar, weakened against the rupee in the domestic currency market. In the US, crude oil stocks rose sharply despite rising prices.

In the domestic gold and silver market, the price of gold at Rs 8.50 per 10 grams, excluding GST, which was Rs 1010 yesterday, fell to Rs 80 today. Gold was down from Rs 715 to Rs 705. Silver.2 The price of one kg increased from Rs. 3150 to Rs. With GST, silver prices were quoted at 3 per cent higher. Gold prices were suppressed locally as the dollar weakened against the rupee and the import cost came down.

The dollar fell below Rs 7 to close at Rs 4.5 and closed at Rs 4.5 today. The dollar fell 3 paise. The pound was down 3 paise at Rs 2.7 while the euro was down 3 paise at Rs 2.50. The Corona has put pressure on the dollar as the US consumer confidence index falls.

Gold in global markets rose slightly from ૯ 1,305 an ounce to ૭ 1,303 an ounce late in the evening, while silver rose to ૫ 17.8 an ounce from ૫ 16.11 an ounce. The dollar index was reported to have turned to gold again with declining funds. The other precious metal, platinum, rose from ૭૬૫ 3 to ૭૮ 20 per ounce, while palladium rose from ૯૪૬ 15 to ૯૫૬ 16.

The market is watching the outcome of the US Federal Reserve meeting. In the US, crude oil stocks rose to 310 million barrels, but crude oil prices rose today. New York was up 15 per cent at ૪ 19.60 a barrel, while Brent crude was up 5 per cent at ૨૫ 21.8.

As facilities for onshore storage of crude oil are dwindling and companies are opting for floating storage options of crude oil.

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