Gold hits Rs 50,000 for first time in India: Silver rises

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(Commercial Representative) Mumbai, May 18, 2020, Monday

Gold and silver prices rose sharply in the Mumbai jewelery market today, with both the precious metals hitting a record high of around Rs 30,000 including GST. However, the late evening rally took a break and prices also saw a rebound.

Gold prices rose to a seven-year high in the global market and the dollar rebounded against the rupee in the domestic currency market. However, due to the lockdown, the demand was high and according to market experts, there were fears that after the lockdown, people would go out to sell their gold at higher prices.

In the Mumbai jewelery market, gold prices rose from Rs 3,500 to Rs 30,000 per 10 grams with GST of Rs 30,000 in the late evening. While the price of 7.50 went up from Rs 2,50 to Rs 30,150, late in the evening it was Rs 4,150. Meanwhile, the price of Mumbai silver, including GST, rose from Rs 2,500 per kg to Rs 30,000 and remained at Rs 4,000 in the late evening. World gold prices rose to ૭૬૫ 15 an ounce from ૭૪૪ 15 an ounce and touched ૭૪૨ 16 late in the evening. Silver, meanwhile, rose to લર 16.8 an ounce from ૬ 16.5 an ounce and settled at ૭ 16.15 an ounce late in the evening.

According to world market analysts, the rise in crude oil prices, weak industrial output and retail sales figures in the US and the possibility of negative interest rates in Britain after the US, as well as strained Sino-US relations have made global gold-funded active buyers.

Meanwhile, world crude oil prices rose 11 per cent today to ૩૨ 2.4 a barrel in New York. Brent crude was up 5 per cent at ૨ 6.15 in the evening trade. There were reports of increased demand for fuel in China and India. There were also indications that gold's holdings in gold ETFs have risen to a seven-year high globally.

Meanwhile, as the stock market plunged, the dollar rose to a high of Rs 6.5 today and traded at Rs 4.31 in the evening. According to the late evening news in the world market, the process of getting the vaccine to protect against corona has slowed down.

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