Gold softens while silver bounces amid mixed weather locally

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Mumbai, May 26, 2020, Tuesday

The local gold and silver market behind the world market witnessed mixed weather today. Gold prices softened while silver prices rose. Oil prices continued to improve while the dollar weakened against the rupee in the currency market. Gold prices fell locally as the dollar weakened.

In the domestic gold and silver market, the gold price of 10.50 per ten grams, which was quoted at Rs 2,000 exclusively in the private sector yesterday, closed at Rs 215 today. Gold was down by Rs 4,150 to close at Rs 5. Prices with GST were quoted three per cent higher.

Silver. The price of one kg excluding GST which was Rs. 200 in the closed market yesterday has gone up to Rs. 4 today and finally closed at Rs. Three per cent were talking higher with GST.

Gold for immediate delivery traded lower at ૭૨૭ 19.50 an ounce, while silver jumped by ૭ 16.05 an ounce to ૭ 16.8 an ounce and traded at ૭ 17.8 an ounce. Funded silver was considered to be cheaper compared to gold.

The other precious metal, platinum, rose from ૮૨૭ 6 an ounce to ૮૪૫ 2.3, while palladium was trading at ૯૮૪ 16 an ounce, up from ૯૬૫ 19.50. In the currency market, the dollar fell to Rs 4.5 and closed at Rs 4.5.

The dollar was down 3 paise against all previous prices. The pound closed at Rs 4.50. The pound closed above 6 paise. The euro closed at Rs 4.5. With the resumption of automotive and aviation services and industries around the world, demand for crude oil is on the rise. New York's main contract, light sweet crude for delivery in New York, traded at 2.15 a barrel, up ૩૪ 4.15 a barrel and Brent crude traded at ૫ 4.05 a barrel.

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