Increased friction between India and China increases gold and silver

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(By commercial representative) Mumbai, Ta. 16 June 2020, Tuesday

News of a melee between India and China over the LAC had an impact on the local gold and silver market and the currency market. The dollar, which had initially weakened against the rupee, rebounded after reports of a melee and gold and silver prices closed higher. Oil prices improved on the back of declining crude oil production in the United States.

In the domestic gold and silver market, the gold price of 9.50 per ten grams, which was Rs 7 excluding GST yesterday, crossed Rs 2,000 today and closed at Rs 70. Gold, which had closed at Rs 305 per ten grams yesterday, rose to Rs 80 today. Prices with GST were quoted three per cent higher. Silver was also seen glittering behind the gold. Silver. The price of a kg, which was Rs 215 yesterday, has risen to Rs 70 today. Prices with GST were quoted three per cent higher. World gold prices rose while the dollar index fell.

The dollar index fell on reports that the US Federal Reserve began buying corporate bonds. The buying has weakened the dollar index, suggesting that the Fed will need to print more dollars.

Gold for immediate delivery rose by લર 1,215.70 an ounce to ૭૨૭ 16.50 an ounce in late trade, while silver rose by ૭ 16.15 an ounce to ૭ 17.8 an ounce. Platinum was trading at ૮ 319.50 while palladium was trading at ૯૫૩ 15 an ounce.

US crude oil production is expected to fall to 2.50 lakh barrels per day in July. Thus daily production is projected to fall to a two-year low. The number of oil rigs in the United States has dropped by another 20. New York's main contract, light sweet crude for delivery in New York, rose 2 percent to 2.50 a barrel and Brent crude to 70.50 a barrel.

In the domestic currency market, the dollar fell to an intra-day low of Rs 6.5 and a high of Rs 4.5 to close at Rs 8.50. The dollar had closed at 16 paise higher than yesterday. The pound was up 3 paise at Rs 2.8 while the euro was up 3 paise at Rs 4.5.

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