Silver prices touched Rs 50,000

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(By commercial representative) Mumbai, 29 May 2020, Friday

Behind the world market, there has been a sharp rise in domestic silver. Gold prices were moderately low. The domestic market had mixed weather in foreign currencies. The decline in KD continued. Tensions between China and the United States are affecting gold as well as crude oil prices.

In the domestic market, silver rose by Rs 205 per kg to Rs 5 per kg, excluding GST. With GST, silver prices touched Rs 20,000 late in the evening. The world market was in a bullish wind of silver. In addition to the increase in industrial demand as the lockdown eased, the gold-silver price ratio remained bearish on pro-silver funds.

Gold was trading at Rs 4.50 per 10 grams, down from Rs 205 excluding GST to Rs 31. At Rs 9.50, gold was trading at Rs 515 per 10 grams excluding GST. Three per cent were talking higher with GST.

The price of an ounce of gold in the world market rose by ૭૨૨ 16.50 to ૭૩૨ 16. Silver was trading at ૭ 16.8 an ounce, up from ૭ 17.8 an ounce. The other precious metal, platinum, rose by ૮૩૨ 8 an ounce to ૮૪૯ 3, while palladium was trading at ૯૪૩ 12 an ounce, up from 150 an ounce.

The local currency market remained mixed. The dollar had lost Rs 5.5 to close at Rs 5.31 intra-day. The dollar fell 19 paise. The euro rallied. It crossed Rs 5 intraday and finally closed at Rs 7.5. The euro closed at 3 paise higher than the previous close. The pound gained 3 paise to close at Rs 2.05.

Amid tensions between the US and China, crude oil prices remained under pressure. The New York KDT fell below 8 a barrel to 2.3, while Brent was trading at ૩૪ 4.5. The price gap between New York and Brent has narrowed to a two-month low.

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