The decline in the private sector in the gold and silver market continued

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(By commercial representative) Mumbai, Ta. 13 June 2020, Saturday

The local gold and silver market was closed on Saturday, but the decline in both the precious metals in the private sector continued. World markets were also under pressure over the weekend. Crude oil has seen a weekly decline of eight per cent after two months.

Gold, which is currently trading at Rs 2.50 per gram, excluding GST, was trading at Rs 3,100 in the private market today. The price of 2.50 was Rs. Silver also saw a decline in the local behind gold. The price of a kilo of silver, excluding GST, which was Rs 5 yesterday, was Rs 200 today.

World markets also saw a decline in gold over the weekend. Gold was at ૭૩ 120.8 an ounce and silver was at ૭ 16.50 an ounce, up from ૭ 12.5 an ounce. Platinum was trading at ૮ 212.5 an ounce, up from 20.50 an ounce, while platinum was trading at ૯૩ 131.50 an ounce.

Gold prices were suppressed as equity bounced back. The dollar was trading at Rs 4.5 in the local market and Rs 2.50 in the private sector. The number of rigs producing crude oil in the United States fell another seven to 12, leading to a drop in crude oil production. New York's main contract, light sweet crude for delivery in New York, traded at ૩૬ 2.4 a barrel over the weekend. Crude has seen a decline in prices on a weekly basis. For the first time in two months, crude is closing lower on a weekly basis.

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