Silver declines: Palladium bounces over 2000

(By commercial representative) Mumbai, Ta. 17 July 2020, Friday

Domestic silver led the decline behind the world market. Prices of gold were seen stabilizing, but palladium, a precious metal, saw a rebound. The rupee strengthened against major global currencies as a result of the rally in the stock market. There was a modest decline in crude oil prices.

At home, the GST-free price of 10 grams of gold in the Mumbai market, which closed at Rs 4,050 yesterday, was today at Rs 4 to close at Rs 4. At Rs 4.30, gold fell by Rs 5 to close at Rs 305 and close at Rs 215. Prices were quoted three per cent higher with GST. Silver. The price of a kilogram fell from Rs 305 to Rs 2140. Prices with GST were three per cent higher.

In the Ahmedabad jewelery market, silver fell by Rs 500 to Rs 200 per kg, while gold by Rs 9.50 per 10 grams was priced at Rs 4,050 and Rs 2,050 per 10 grams.

World markets saw an improvement today after seeing a decline in gold yesterday. Yesterday, it was down to ૭૯૬ 15 an ounce. Silver traded at ૯ 16.15 an ounce, up from 16.15 an ounce. Platinum, another precious metal, fell from ૮૩ 50 to ૮૨૬ 8, while palladium jumped from ૯૭૮ 15 an ounce to ૮ 2,005.

The dollar index fell to a four-week low in bullish gold. Unemployment claims in the U.S. have risen by an additional thirteen million, more than expected.

The rupee strengthened in the domestic currency market on the back of stock market recovery. The dollar had lost 15 paise to close at Rs 2.09. Intraday, the dollar was seen at Rs 4.5. The euro was down 3 paise at Rs 2.50 while the pound was down 3 paise at Rs 2.09.

Iraq will have to continue with some of its share of the decision by OPEC and its allies to reduce production cuts from August because it did not cut production as planned from May to July. This will increase the daily supply of crude oil by 12-13 lakh barrels from August, which was earlier expected to be 20 lakh barrels.

Saudi Arabia has said it will continue to cut crude production until 203. However, due to the impact of the corona, crude oil prices are currently seen stabilizing. New York crude was trading at ૫ 70.50 a barrel, while Brent was trading at 4.10.