Globally, gold and silver sparkle also boosted domestic prices

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(By commercial representative) Mumbai, Ta. 18 June 2020, Thursday

Amid reports of a resurgence of corona cases in China and the United States, gold and silver glossed up again, leading to a slow recovery in domestic prices. Amid the turmoil, crude oil was modest while the rupee strengthened modestly against major foreign currencies. The rupee appreciated as Indian stock markets rose.

At the local level, gold price of 10.50 per ten grams, which was closed at Rs 315 excluding GST yesterday, has improved to Rs 61 today and finally closed at Rs 303. Gold was trading at Rs 4.50, up from Rs 31 to Rs 31. Prices with GST were quoted three per cent higher.

Silver. The price of one kg was closing at Rs. Prices with GST were quoted three per cent higher. Gold for immediate delivery rose to ૭૨ 131.50 an ounce from ૭ 1,215.60 an ounce in the previous session, while silver rose to ૭ 17.8 an ounce from ૪૮ 16.5 an ounce. The other precious metal, platinum, was trading at ૮ 319.50 an ounce, while palladium was trading at ૯૩૮ 16.50 an ounce, down ૮૫ 17.9 an ounce.

With new Corona cases coming up in the US and China, funders are once again looking at gold as a safe haven, market sources said.

The local currency market saw volatility in the dollar. The intra-day high of Rs 4.51 to the low of Rs 4.05 was finally down by 3 paise from yesterday's close to close at Rs 3.15. The pound was down 3 paise at Rs 2.7 while the euro was down 3 paise at Rs 4.5.

Crude oil prices saw a modest improvement amid turmoil in the global economy. New York crude was trading at 2.10 a barrel, while Brent was trading at 71. Bad weather in the US crude production area is likely to affect the supply of crude oil.

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