Gold and silver rebound

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(By commercial representative) Mumbai, Ta. 26 June 2020, Friday

The local gold and silver market witnessed a resurgence in the precious metal today. Prices rose locally as a result of the improvement in world markets. Gold had a new sell-off in the world market. Crude oil prices remained stable while the rupee strengthened in the currency market.

In the domestic gold and silver market, the gold price of 10.50 per ten grams, which had closed at Rs 5 excluding GST yesterday, rose to Rs 3,021 today. Gold rose by Rs 315 to Rs 5. Prices with GST were quoted three per cent higher. Silver. The price of a kilogram, which had closed at Rs 3 yesterday, rose to close at Rs 3. Prices with GST were quoted three per cent higher. World gold prices rose by ડો 16.50 an ounce to ૭૬૩ 19.10 an ounce. Silver traded higher at ૭ 16.8 an ounce, hitting 16.8 an ounce.

Platinum was trading at ૮ 303.50 an ounce, while palladium was trading at ૮૫ 120.8 an ounce, down from ૮૬૭ 16.50 an ounce. Investors are investing in gold as a safe haven, following the Bank of Japan's assumption that the second wave of the corona virus will hit Japan's economy. Emphasis has been placed on the need to release more stimuli in Japan. Unemployment in the US has risen by a further 13.50 lakh.

The rupee strengthened against major currencies at home. The dollar had touched a low of Rs 6.5 and finally lost 3 paise to close at Rs 4.5 yesterday. The pound fell 3 paise to close at Rs 4.5. The euro fell below Rs 7 to close at Rs 4.31. Crude oil prices were fluctuating in both directions. New York crude was trading at ૭ 2.50 a barrel, while Brent was trading at ૨૫ 61.8.


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