Mixed inflows in private gold and silver fall behind world market as gold prices fall

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Mumbai, Ta. May 9, 2020, Saturday

The local gold and silver market was officially closed on Saturday but the closed market saw a mixed flow in private gold and silver. Gold declined while silver improved. The currency market was also closed but in private there were reports of a strengthening dollar. Palladium and platinum are reported to have rebounded as reports of easing lockdowns across the world, and crude oil continued to improve over the weekend.

Gold, which is currently trading at Rs 2,103 per 10 grams, excluding GST, fell to Rs 200 in private today. Gold fell by Rs 2.50 to Rs 20. Prices were quoted three per cent higher with GST. Silver was bullish compared to gold. The price of a kilogram of silver, which was Rs 200 yesterday, has improved to Rs 2,000 today. Prices with GST remained three per cent higher.

Gold in global markets closed at ૩ 1,305 an ounce over the weekend, while silver closed at ૫ 19.50 an ounce. Platinum, another precious metal, rose by ૭૭૯ 5 an ounce and palladium by 15 an ounce. The precious metal rose on expectations of demand from the auto industry after the lockdown opened.

The dollar index has risen better than expected in the US. The jobless rate has come down to 203 lakh from 20 lakh and the unemployment rate has been 14.50 per cent against the expected 15 per cent. After the Federal Reserve bonds, reports of buying in equities have also improved sentiment. The dollar index has risen and fundhouses have been selling in gold.

At home, the dollar, which had closed at Rs 6.5 yesterday, was trading at Rs 6.5 today.

Crude oil closed higher at the end of the week, with New York crude closing at ૭૫ 4.5 a barrel and Brent crude at ૯૭ 20.8.

The abolition of fuel subsidies in Nigeria has sparked outrage among locals, who have threatened to disrupt oil supplies. Nigeria is a major supplier of KD.

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