- Gaps in the world market in precious metals other than gold

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Palladium and platinum, industrial metals, also fell amid fears of a recession.

(By commercial representative) Mumbai, Ta. 30 July 2020, Thursday


At home, gold improved on the back of global markets, while silver rallied. Prices of precious metals other than gold fell in the world market. Global prices of industrial metals such as silver, platinum and palladium plummeted on expectations of declining industrial demand. With the GDP figures of various countries weakening, the world saw a decline in crude oil as a sign of economic slowdown. While there is no special demand for the dollar in the domestic currency market, prices have stagnated as a result.

In the domestic Mumbai market, the price of 10 grams of gold without GST, which was Rs 310 yesterday, closed at Rs 5,150 and today it is closing at Rs 303. The price of gold at Rs 4.50 was Rs 5 from Rs 4 in 2013. Prices with GST were quoted three per cent higher. Silver. The price of a kilogram fell to Rs. Three per cent higher prices were quoted along with GST. In the Ahmedabad jewelery market, silver fell by Rs 200 to Rs 500 per kg. Gold rose by Rs 500 to close at Rs 800 for a ten gram and Rs 2,000 for a ten gram gram of Rs 4.50.

Gold in global markets remained steady at ૯૫૬ 15 an ounce, while silver fell from ૨૪ 2.50 an ounce to ૨૩ 6.5 late in the evening. Palladium, the other precious metal, fell from ૨૨૫૩ 8 an ounce to ૨ 303, while platinum traded at ૯ 711 an ounce. Prices have plummeted on heavy selling in precious metals, a sign of declining industrial demand. There were also reports that China was considering taking steps to stem the rise in gold.

In the domestic currency market, the dollar rose by 3 paise to close at Rs 4.5. The country's weak imports have weighed on demand for the dollar. The other major currencies, the euro, rose by 3 paise to Rs 2.8 and the pound by 20 paise to Rs 2.15.

Crude oil prices were weighed on expectations of lower industrial demand. New York crude was trading at ૪ 70.50 a barrel and Brent was trading at ૯૫ 4.5.

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