Record rise in gold: World market prices rebound near 50 1750

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(Commercial Representative) Mumbai, May 15, 2020, Friday

The Mumbai jewelery market today witnessed a record-breaking rise in gold and silver prices behind the world market. Late in the evening, gold prices rose by Rs 1,000 per 10 grams and silver by Rs 200 per kg. Gold prices rose by 10 grams to a record high of Rs 500 with GST. Silver, on the other hand, rose to Rs 2,000 with GST.

Gold prices rebounded in the global market, hitting a seven-year high, with a sharp rise in import costs at home. World gold prices jumped from ૭ 1,215 an ounce to ૭૪૨ 15 an ounce late in the evening. Behind gold, global silver rose to ૫ 16.30 an ounce from ૫ 16.50 an ounce.

Unemployment claims continue to rise as jobs in the U.S. decline as a result of the corona infestation, according to World Market News. In addition, the retail sales and factory output figures released today were also weak. As a result, the US dollar index fell against various currencies in the world market today, leading to active buying by fund holders in gold.

In addition, the resumption of relations between China and the United States and the rise in prices following the cut in production of crude oil also weighed on gold prices in the world market today. Meanwhile, global crude oil prices rose four per cent to ર્ક 4.50 a barrel in New York late in the evening and Brent crude to ૩ 61.50 a barrel.

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