Domestic gold and silver fall behind global markets as global funds ease

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Mumbai, May 27, 2020, Wednesday

Behind the world market saw a decline in domestic gold and silver. As the lockdown eases, the global economy is expected to recover and stock markets are booming and foreign investors are selling precious metals. The rise in crude oil prices has stalled amid unrest in Hong Kong and tensions between China and the United States. However, the rupee remained weak against major currencies.

Gold, excluding GST of 99.50 per ten grams, which was closed at Rs 46,617 yesterday, fell to Rs 46,105 today. 99.90 Gold closed at Rs 46,290, up from Rs 46,799. Gold prices, along with GST, were three per cent higher.

The price of silver .999 per kg excluding GST fell by Rs 47,625 to Rs 46,920. Prices with GST remained three per cent higher.

World gold prices fell by 17 1,727.80 an ounce to 170 1,701.25 an ounce. Silver fell from ડો 17.39 an ounce to 17 17.05 an ounce. Platinum was trading at 83 833 an ounce at 84 846 while platinum was trading at 195 1957, down from 198 1985.

As the lockdown eases, global stock markets eased from the precious metal with improved funds, pouring money into stocks. Profit is being booked at the top head in gold.

The local currency market witnessed huge fluctuations in the dollar. The dollar, which was at Rs 75.67 yesterday, fell to Rs 75.55 intra-day and closed at Rs 75.71. It closed above four paise compared to yesterday's close. The pound gained 39 paise to Rs 93.18 while the euro gained 26 paise to close at Rs 83.06. There was talk of more stimuli being released by the ECB.

In Hong Kong, crude oil prices fell on signs of renewed conflict and tensions between the United States and China. New York KD fell below 34 34 a barrel to 33 33.80 while Brent traded below 36 36 to લર 35.50. The boom in KD has stopped.

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