Backyard gold retreats behind world market

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(By commercial representative) Mumbai, Ta. 14 July 2020, Tuesday

The back of the world market saw a rebound in gold prices. The dollar index has seen an increase as global fund houses are now investing in dollars instead of gold as a safe haven. The rupee was under pressure as the local stock market plunged. Crude oil prices were under pressure before the OPEC meeting.

At home, the GST-free price of 10.50 gold per ten grams in the Mumbai market, which had closed at Rs 315 yesterday, fell to Rs 80. Gold was down by Rs 5 to Rs 4,112. Prices with GST were quoted three per cent higher. Silver. The price of a kilogram was Rs. Prices with GST were quoted three per cent higher.

In the Ahmedabad market, silver was trading at Rs 500 per kg. Gold closed at Rs 30,700 per ten grams at Rs 3.50 and Rs 30,700 per ten grams.

The world market has seen a retreat in gold and silver. Silver is back from a 10-month high. Gold traded lower at ૭૯૭ 1,305 an ounce, while silver traded lower at મહિના 17.8 an ounce, down from a ten-month high of ૮ 12.5. If gold breaks the ૭૯૬ 15 level, it is expected to hit 150.

Platinum was down ૮૪૭ 20 at ૮૪૭ 8, while palladium was down ૯૭૯ 15 an ounce from ૧ 2001. In the domestic currency market, the dollar rose to Rs 5.5 intra-day and finally rose by 3 paise to close at Rs 7.5. The fall in the stock market has put pressure on the rupee. The pound was down 3 paise at Rs 2.8 while the euro was up 3 paise at Rs 4.5.

Crude oil prices were modest ahead of tomorrow's OPEC committee meeting. New York crude was trading at ૭૩ 4.5 a barrel, while Brent was trading at 4.5. If the production cuts are reduced, supply is likely to increase and prices are declining.

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