Gold rebounded on dollar's rise as rupee depreciated

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(By representative), Mumbai, May 22, 2020, Friday

In the Mumbai gold-silver market, gold prices rose sharply today, while silver continued to decline. In the Mumbai market, gold prices today rose from Rs 2,600 per 10 grams excluding GST to close at Rs 3,611.

While the price of 2.50 rose from Rs 2.6 to close at Rs 3,100, the price with GST was 3 per cent higher than this. Meanwhile, silver prices in the Mumbai market today fell from Rs 2,500 per kg to Rs 2,200 excluding GST and closed at Rs 3,08.

While prices with GST were 5 per cent higher. In global markets, however, gold prices continued to decline today, but the rise in the dollar against the rupee in the domestic currency market has had an impact on gold prices in the Mumbai jewelery market, market sources said. Gold prices in the world market fell from ૭૩૮ 15 an ounce to ૭૩૨ 17 an ounce, while in the Mumbai currency market, the dollar rose by 3 paise to close at Rs 4.5 today, analysts said.

Silver also traded lower at ૭ 16.5 an ounce from ૭ 16.5 an ounce in the evening trade, while platinum traded lower at ૮૩૮ 8 an ounce. However, palladium prices were reported to be hovering around 1,250 from 15 an ounce. Fundraisers were seen in gold as the dollar index rose in world markets.

Meanwhile, in the Mumbai currency market, the British pound gained 21 paise to Rs 2.8 today, while the euro lost 11 paise to close at Rs 4.5.

Meanwhile, global crude oil prices fell by 6-7 per cent today to a break of અને 6.5 a barrel on New York crude in the evening, while Brent crude traded lower at ૩૪ 6.50 in the evening. Meanwhile, in the wake of news of new unemployment claims of 2.50 lakh in the US, rising tensions between China and the US weighed on global crude oil prices today.

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