Silver worth Rs. Crossing 52000

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(By commercial representative) Mumbai, Ta. 13 July 2020, Monday

The impact of the glitter in the precious metal in the world market was also seen in the home market. Precious metals, including gold and silver, are on the rise in the world market. The rise in copper prices was followed by a big jump in silver. Crude oil was weakening ahead of the OPEC meeting, while the dollar was moderately weak against the rupee at home.

At home, the price of silver in Ahmedabad jewelery market rose by Rs 500 to Rs 200 per kg. Gold for immediate delivery rose by Rs 500 to Rs 30,700 per ten grams and closed at Rs 30,400 for 2.50 gold.

In the Mumbai bullion market, the GST-free price of 10 grams per ten grams, which was closed at Rs 200 last weekend, rose to close at Rs 215. Gold was trading at Rs 8,050. Prices with GST were quoted three per cent higher. Silver.2 The price of a kg increased from Rs. Prices with GST were quoted three per cent higher.

Silver had crossed ૯ 17 per ounce in the world market and was trading at ૯ 16.15 late in the evening. Silver has seen a surge in copper prices. Copper has risen by ડો 200 per tonne. Gold again crossed ૮ 1,300 an ounce and was quoted at ૮ 1,308. Gold closed at ૭૯૯ 15 over the weekend.

Platinum rose from ૮૨૮ 6 an ounce to ૮૪૭ 6 an ounce, while palladium jumped from 15 to ૨ 2001.

Long positions in gold futures are on the rise and are expected to touch ૯ 1,200 if they cross 151. In the currency market, the dollar remained moderately soft against the rupee. The dollar had lost 3 paise to close at Rs 4.15 in intra-day trade and closed at Rs 6.15. The pound gained 15 paise to Rs 2.50 while the euro gained 15 paise to close at Rs 2.09.

The OPEC committee meeting is set to begin tomorrow, during which the issue of production cuts in crude oil is to be discussed. Oil-producing countries appear to be in a supply-boosting mood as revenues fall, leading to a softening of crude oil prices. New York crude was trading at ૪ 70.15 a barrel, while Brent was trading at 4.50.


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