Bilateral fluctuations behind the world market in gold and silver

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(By commercial representative) Mumbai, Ta. 14 August 2020, Friday

Behind the world market saw two-way big fluctuations in gold and silver at home. Gold does not survive in the world market. The boom is seen as a sell-off. The dollar index, which was lower than expected in the new US jobless claims, strengthened. Crude oil prices have stabilized over the weekend. The dollar also closed modestly higher in the domestic market.

At home, the price of 10 grams of gold in the Mumbai market, excluding GST, which was Rs 50 yesterday, rose to Rs 5 today. At 2.50, gold was trading at Rs 501 and closed at Rs 5. Prices with GST were quoted three per cent higher. Silver. The price of a kilogram rose to Rs. 5 from Rs. 3 and finally closed at Rs. Prices with GST were quoted three per cent higher.

Gold prices stabilized in the Ahmedabad jewelery market. The price of ten grams at Rs 2.50 was Rs 500 while the price at Rs 6.50 was Rs 2,000. Silver was trading at Rs 1,000 per kg, down Rs 1,000.

In the world market, gold rose from ૯૩૨ 15 an ounce yesterday to ૯૫૮ 16 and was trading at ૯૪૬ 16 late this evening. Silver traded higher at 4.51 an ounce, up from ૨૭ 4.31 an ounce. Platinum was quoted at ૯૪૯ 7, up from ૯૫ 31, while palladium was quoted at ૨ 215, up from ૬૯ 215 an ounce.

Precious metals do not survive in the world market. The high headline is seen to be selling out. New jobless claims in the United States have been lower than expected, hovering below one million and a five-month low of 6.5 million. The dollar index has strengthened on signs that labor markets are improving.

In the domestic currency market, the dollar rose to 5.7 and finally closed five paise higher at Rs 4.50. The euro was down 3 paise at Rs 2.3 and the pound was at Rs 4.5. The euro is said to be under pressure as Britain tightens quarantine rules.

The talk of a peace deal between Israel and Saudi Arabia has seen a stabilization in crude oil. New York crude was trading at ૨૭ 4.5 a barrel, while Brent was trading at 4.5. Crude is expected to soften if the deal is successful.

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