Gold prices will hit 2000 2,000 a year on the back of a weakening global economy

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(By commercial representative) Mumbai, Ta. Saturday, June 20, 2020

As the price of gold and silver rose in the global market over the weekend, the price of both the precious metals surged in the local market on Saturday. Corona cases are on the rise again in various countries and investors are turning to Safe Haven. In addition, the gold and silver prices have been boosted by the Goldman Sachs affair. Crude oil prices also closed moderately soft over the weekend. In private, the dollar had weakened against the rupee since the previous close.

The local bullion market was closed on Saturday. However, behind the world market, the price of 10 grams of gold, excluding GST, which was Rs 4.50 yesterday, was trading at Rs 600 in the closed market today. The price of gold at Rs 2.50 was quoted at Rs 20. Prices with GST were quoted three per cent higher. Silver also saw a rally behind gold. Silver prices were quoted at Rs 200 per kg, excluding GST. Prices were quoted three per cent higher with GST.

Gold in global markets rose by ડો 10 to close at ૮૫ 17.8 an ounce over the weekend, while silver rose to ૭ 16.7 from ૭ 16.5 an ounce. Platinum, another precious metal, rose to close at ૮ 313.8 an ounce, while palladium fell modestly to ૯ 1,212.5 an ounce.

The dollar index has come under pressure again. Goldman Sachs expects global gold prices to rise to ૮ 1,200 an ounce, ૯ 1,500 an ounce and ૨ 2,000 an ounce in the next 3, 4 and 12 months. Similarly, the price of silver has also risen to ૯ 15, ૯ 21 and 2 per ounce. The SACS report said the global economy was still weak.

The recurrence of Corona's cases has created an atmosphere of uncertainty. The dollar weakened from Rs 2.15 to Rs 2.05 in the domestic market. Crude oil prices closed lower this week on signs of a weakening economy. In the US, oil-producing rigs have been declining for the past 12 weeks, but prices have remained under pressure. New York's main contract, light sweet crude for delivery at the end of the week, was down 2.7 a barrel and Brent crude was down 2.50 a barrel. However, over the past week, New York crude prices have risen by 2.50 per cent on a weekly basis.


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