Firmness in crude oil prices in anticipation of production cuts

(By Commercial Representative) Mumbai, Ta. 19 June 2020, Friday

Over the weekend, the local gold and silver market was in a frenzy. While crude oil saw an improvement. The currency market witnessed mixed weather. Unemployment in the United States has risen by 1.5 million, but the rate of unemployment has fallen.

Gold, which is currently trading at Rs 305, excluding GST at Rs 2.50, rose to Rs 5 today. Gold closed at Rs 4.50, up from Rs 5. Prices with GST were quoted three per cent higher.

Silver. The price of a kilogram was Rs. 20 to Rs. Three per cent were talking higher with GST.

Gold for immediate delivery traded at 18.10 an ounce, up 161.50 an ounce, while silver was up લર 18.31 an ounce at ૭ 16.50 an ounce. Platinum, another precious metal, fell by 319.50 to ૮ 313.8, while palladium was quoted at ૯ 1915.50, down ડો 19.50.

Crude oil prices rose after Iraq and Kazakhstan decided to cut crude production cuts in July. New York's main contract, light sweet crude for delivery in New York, traded at ૮૫ 4.5 a barrel and Brent crude traded at 4.50 a barrel. The fall in interest rates in Russia and higher unemployment in the United States have also pushed up crude prices.

Brent crude prices have recently doubled from April lows. Prices fell to a 21-year low in April. There was mixed weather in the currency market. The dollar had gained 5 paise to Rs 2.15, while the pound had lost 8 paise to Rs 2.50 and the euro had lost 12 paise to close at Rs 4.5. Tensions between the two countries are showing signs of easing as China agrees to increase agricultural imports from the United States.