Domestic gold prices fall behind world markets

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(By commercial representative) Mumbai, Ta. Saturday 11 July 2020

World markets saw a modest decline in gold prices over the weekend on hopes of a coronavirus vaccine. Crude oil prices also improved. In the domestic markets, prices were quoted lower than yesterday in the markets that were closed on Saturday. Market circles said premiums were being quoted at the official price of gold due to shortage of domestic goods as a result of the lockdown. The private sector also saw a modest improvement in the dollar.

At home, the Mumbai jewelery market was closed on Saturday. In private, the price of 10.50 gold excluding GST, which was Rs 215 yesterday, fell to Rs 500 today.

Gold was quoted at Rs 5,050 with a price of Rs 2.50. Prices with GST were quoted three per cent higher. Silver. The price of one kg was reduced from Rs. 305 to Rs. Prices with GST were quoted three per cent higher.

In the Ahmedabad jewelery market, gold was quoted at Rs 30,700 per 10 grams, down by Rs 200 and Rs 30,700 at Rs 9.50 per ten grams. Silver was trading at Rs 31,200 per kg.

Premiums are being quoted at an ounce price as there is a shortage of gold in various markets across the country. Smuggled gold is also currently on a break.

At the end of the week, gold fell below ૮ 1,300 an ounce and closed at ૭૯૯ 19, while silver traded lower by ફી 16.81 to close at ૮ 16.8. Platinum was down ડો 21 at ૮૨૮ 8, while palladium was up ૯૪૪ 15 an ounce to ૯૬૯ 16. Gold is being sold in the US as positive reports of the corona vaccine are coming in while the dollar index has seen an improvement. The equities market is also supported.

According to a report by the International Energy Agency, daily demand for crude oil is expected to increase by four lakh barrels to 31 lakh barrels in the coming days. Four lakh barrels more than the previous estimate. In addition, the number of rigs producing crude oil and natural gas in the United States has been declining for two and a half months. Whose impact was seen on crude oil prices. Over the weekend, New York crude rose from ૦ 2.10 a barrel to ૫૫ 20.8, while Brent crude traded at ૪૩ 4.5, up ૪૩ 6 from ૯ 21.50.

In the closed currency market, the dollar recovered modestly and was trading at Rs 4.50, up from Rs 6.50 in the previous session.


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