Gold, silver, crude, dollar rose, rupee depreciated

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Ahmedabad, May 18, 2020, Monday

Gold and silver prices rose sharply to Rs. 20,000 were touched. The sensation arose as gold-silver prices became almost identical. India has seen a record rise in gold prices. Gold is stored as jewelery in families in India, especially in Gujarat. Keep some biscuits. Gold shone on Monday.

Rising global uncertainty over the effects of the coronavirus and growing friction between the US and China have led to a sharp rise in precious metals, including gold and silver. Both the precious metals have reached close to Rs 50,000 at home. Gold and silver prices also rose on the back of a stronger dollar against the rupee. In addition, crude oil is also seeing a cut in production and prices are on the rise.

In the domestic gold and silver market, gold, excluding GST at Rs 3.50 per 10 grams, which was Rs 200 last weekend, rose to a high of Rs 3 and closed at Rs 4 today. Gold, excluding GST, rose from Rs 20 to Rs 5 to Rs 21 and Rs 21 to Rs 61. Prices with GST were quoted three per cent higher. Behind gold, silver rose another Rs 2,000 today.

Silver. The price of one kg, which was Rs 2,000 excluding GST at the end of last week, rose to Rs 4,000 and crossed Rs 2,000 today. Silver prices were quoted three per cent higher with GST. Thus, the price of both gold and silver, including GST, has come close to Rs 20,000.

In global markets, gold, which was at ૭૪૪ 16 an ounce last weekend, rose to ૭૬૪ 16 today, while silver jumped by ૬૨ 16.5 an ounce to ૭ 16.5 an ounce. Platinum was quoted at ૮૨ 61, up from 70, and palladium at ૯૮૫ 15 an ounce. Palladium surged more than 100.

Gold prices were also affected by reports of workers being infected with corona at gold mines in Russia.

The effect of production cuts is being seen in crude oil. The New York CAD traded above ૩૨ 6 a barrel and traded at ૫ 2.15, while the Brent stock jumped above ૩૪ 8 to ૩૪ 2.3. Crude oil prices have risen since the Saudi-Kuwaiti joint oil field decided to shut down production in June and the number of oil rigs in the United States is declining.

In the domestic currency market, the dollar rose by 3 paise to close at Rs 4.31. Intraday, the dollar was seen at Rs 4.5. The impact of the crash in the stock market was felt on the rupee. The pound fell 3 paise to close at Rs 71.5.

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