Gold and silver improve: Dollar weakens against rupee

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(By commercial representative) Mumbai, Ta. Monday, June 29, 2020

The local gold and silver market saw an improvement on the first day of the week amid a growing spread of coronavirus. The undertone was also strong in the Mumbai market on the back of firmness in world market prices. Gold is expected to touch ૮ 1,200 soon as funds are raising their long positions in global gold futures. Crude oil prices saw a slow recovery. While the dollar remained weak in the domestic currency market and the euro-pound was expected to clash.

At home, the price of 10 grams of gold, excluding GST, which was Rs 30 at the end of last week, rose to Rs 305 today and finally closed at Rs 50. Gold at Rs 2.50 was trading at Rs 500, up from Rs 200 to close at Rs 5. Prices with GST were quoted at three per cent higher. Silver. Prices with GST were quoted three per cent higher.

In the Ahmedabad jewelery market, gold was quoted at Rs 500 per ten grams at Rs 2.50 and Rs 30,000 at Rs 9.50. The price of silver was Rs 500 per kg.

World gold was trading at ૭૭ 121.50 an ounce, while silver was trading at ૭ 17.8 an ounce. Platinum was trading at ૮ 215.50 an ounce, up from ૫ 206.15 an ounce, while palladium was up ૮૮૩ 12 an ounce at ૯ 1,305. Gold ETFs in the US have seen a seven-year high of 1,150 tonnes of gold in the SPDR.

Globally, gold gained 12 per cent in the June quarter, while India gained 4 per cent in the first six months of the current year. In the currency market, the dollar had lost 3 paise to close at Rs 4.5 from the previous close. The bottom was seen at Rs 4.5. The pound lost 3 paise to Rs 2.50 while the euro gained 10 paise to close at Rs 2.09.

New York crude was trading at 2.50 a barrel, while Brent crude was trading at. 61.15. There were reports of a major US oil company going bankrupt due to the current low price of crude oil.


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