Gold and silver retreat from record highs: Rs 1,000 in gold and Rs 1,300 in silver

Mumbai, May 19, 2020, Tuesday

After a record rise in gold and silver behind the world market, profitable selling today saw a sharp decline. Gold fell by Rs 1,000 and silver by Rs 1,200. In the currency market, the dollar depreciated while both the euro and the pound bounced. The price of ten grams of gold, which was Rs 4.50 yesterday, was Rs 6 excluding GST. Prices with GST were quoted three per cent higher. Silver. The price of a fort which was closing at Rs.

Global stock markets rallied after a US company claimed success in finding a coronavirus vaccine, and funded gold sellers are turning to equity investments. Gold broke prices due to lack of new takers. World gold prices, which were at ૭૬૪ 18 an ounce yesterday, fell to ૭૩૫ 16.50 today, while silver fell by ૭ 16.8 to ૭ 17.11.

Other precious metals, platinum, fell from ૮૨ 41 to ૮ 315 an ounce, while palladium rose by ૯૮૫ 15 to around ૨૨ 705.

In the domestic currency market, the dollar fell by 3 paise to close at Rs 4.5. Intraday, the price was seen at Rs 4.31. However, the pound and the euro strengthened. Germany and France have announced a 200 billion euro package that also affected the currency. The pound gained 21 paise to Rs 2.81 while the euro gained 3 paise to close at Rs 4.5.

The rally in oil is seen to be moving forward. The New York KD was quoted at ૭૫ 4.5 a barrel, while Brent was quoted at 4.5 a barrel. China was a major player in oil. There were reports that China had bought 114 oil tankers.