- Amid chaos in the world market, gold and silver rose at home

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(By commercial representative) Mumbai, Ta. Monday, June 22, 2020

As the Koranavirus re-emerges in the United States and other developed countries, investors are turning to Safe Haven. World gold prices have hit new highs since 2014.

In the domestic market, gold at Rs 9.50 per 10 grams, excluding GST, which had closed at Rs 200 last weekend, rose to Rs 2,105 today and finally closed at Rs 4. Gold rose by Rs 30 to Rs 500 and closed at Rs 4,150. Prices with GST were quoted three per cent higher.

Silver, which had closed at Rs 200 per kg last week, rose to Rs 501 and closed at Rs 4. With GST, silver again crossed Rs 20,000. With GST, silver was trading at Rs 30,200 and Rs 30,200.

In the Ahmedabad market, gold was trading at Rs 200 per 10 grams at Rs 2.50 and Rs 200 at Rs 8.50 per kg, while silver was trading at Rs 200 per kg.

World gold prices were at ૭૫૮ 16.50 an ounce in intraday trading today and were trading at ૭૪૬ 16 an ounce late in the evening. After 2014, gold has seen a price of ૭૫૮ 15. Gold closed at ૭૪૩ 19.50 last weekend.

Silver, which was at ૭ 18.5 an ounce at the end of the week, rose to ૭ 17.5 an ounce and was trading at ૭ 16.8 an ounce late in the evening. Platinum, another precious metal, rose by ડો 313.50 to ૨૫ 2.8, while palladium traded at ૯ 1,212.50, up from ૯ 1,215.50.

Corona is re-emerging in countries including the US, Mexico, China and rising tensions between India and China have resulted in global investors turning to gold. The global economy is looking bleak again. Hong Kong is also experiencing an atmosphere of unrest again.

The rupee strengthened against global currencies on the back of improvement in domestic stock markets. The dollar had lost 17 paise to close at Rs 2.05 since last weekend. The pound was down 19 paise at Rs 2.50 and the euro was down 21 paise at Rs 2.81. Crude oil prices have come under pressure as uncertainty re-emerges in the global economy. New York crude was trading at ૫ 2.50 a barrel, while Brent was trading at ૪ 21.8 a barrel.

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