Silver skyrocketed by Rs 2,000 per kg

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- Further improvement in crude oil: rupee stabilization against major foreign currencies

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

As US-China relations deteriorated and jobless figures rose in the US, there was a sharp rise in domestic gold and silver behind the world market. Gold has seen new record prices amid strains of coronavirus. Silver was up by Rs 2,000 per kg today. The dollar index fell in world markets as US unemployment figures rose. The rupee strengthened against various currencies in the domestic currency market while crude oil continued to recover abroad.

In the domestic market, the price of 10 grams of gold, excluding GST, which was Rs 2.15 yesterday, jumped to Rs 7 today. Prices excluding GST at Rs 2.50 rose from Rs 5 to close at Rs 303. The price of ten grams with GST was seen at a new high of Rs 500. Thus, among the coronaviruses, gold is moving towards Rs 50,000. Gold was followed by silver at Rs 2,000 per kg. Silver, which was priced at Rs 5 per kg yesterday without GST, crossed Rs 2,000 today and closed at Rs 305. Prices with GST were quoted three per cent higher.

The price of an ounce of gold in the world market, which was ૭ 1,215 yesterday, rose to ૭૩૮ 16 today. Silver rose to ૬ 16.50 an ounce from 16.8 an ounce. Other precious metals, platinum, rose from ૭૬૪ 6 an ounce to ૭૭૬ 3, while palladium jumped from ૮ 1,211 to ૮૩ 150.

Tensions between the two countries have risen as US President Donald Trump has refused to hold any talks with the Chinese president at present. Trump does not want to be bothered by the issue of raising duties on Chinese goods. Thus an atmosphere of uncertainty has arisen in the world market on the issue of re-trade between the two superpowers.

The rupee strengthened against major currencies in the domestic currency market. The dollar had touched an intra-day low of Rs 4.31 and finally closed at Rs 4.5. The pound was trading at Rs 4.5 while the euro was up four paise at Rs 41.5. The improvement in crude oil continued. New York was trading at ૨૮ 2.50 a barrel, while Brent was trading at ૮ 61.60 a barrel.

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