Mixed weather prevailing in gold and silver

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Mumbai, Ta. 17 June 2020, Wednesday

Amid Indo-China tensions over the LAC, the local gold and silver market had mixed weather. Gold prices declined while silver remained bullish. The situation was similar in the world market. The rupee strengthened against all major currencies in the domestic currency market. There was an atmosphere of softness in crude oil.

In the domestic gold and silver market, the price of a ten gram of gold, which was Rs 70 yesterday, excluding GST, has gone up to Rs 205 today and finally closed at Rs 215. Gold prices, which had closed at Rs 70 yesterday, rose to Rs 5 today and finally closed at Rs 4. Prices with GST were quoted three per cent higher. Silver. The price of a kilogram rose by Rs 30 to close at Rs 2140. Prices were quoted three per cent higher with GST.

Gold, which was trading at ૭૨૭ 16.50 an ounce yesterday, was trading at ૭ 1,215.70 an ounce in the late afternoon trade, while silver was trading at ૭ 16.8 an ounce, up from ૭ 12.5 an ounce. Platinum was trading at ૮ 215.50 an ounce, compared to 313.50 an ounce, while palladium was trading at ૯૫૩ 16.8 an ounce.

Bilateral fluctuations in the dollar in the domestic currency market eventually led to a modest low. The dollar had gained 5.5 rupees to the lower and 6.10 to the last. The euro was down 21 paise at Rs 2.8 while the pound was down 3 paise at Rs 4.5. According to market sources, the rupee strengthened against state-owned banks for selling dollars in the open market.

The dollar index rose as retail sales in the US turned positive. In the US, crude oil prices softened as stocks of crude oil rose by 3 lakh barrels.

New York crude was trading at ૬ 2.50 a barrel, while Brent crude was trading at ૩૫ 70.8 a barrel. Reports of a resurgence of corona cases in some parts of the world have led to a softening in crude oil prices.


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