Chaos in gold and silver at home

(By commercial representative) Mumbai, Ta. 21 August 2020, Friday

In the US, jobless figures pushed higher-than-expected price of precious metals, which led to chaos in gold and silver at home. Globally, gold is booming. Every boom is seen as a profitable sale. Mixed currents were observed in major currencies. While crude prices have been down.

At home, the GST-free price of 10.50 per ten grams of gold in the Mumbai market, which was Rs 3,110 yesterday, has gone up to Rs 4,150 today and finally closed at Rs 415. The price of ten grams of gold at Rs 2.50 was Rs 315 and closed at Rs 215. Prices with GST were quoted three per cent higher. Silver. The price of a kilogram which was Rs. 215 yesterday has gone up to Rs. 20 and finally closed at Rs. Prices with GST were quoted three per cent higher.

In the Ahmedabad market, gold was down by Rs 200. The price of ten grams at Rs 2.50 was quoted at Rs 500 and Rs 3.50 at Rs 4.50. Silver remained steady at Rs 2,000 per kg.

In the world market, the price of an ounce of gold rose from ૯૪ 150 to ૯૫ 150 and was trading at ૯ 1,215 in the late evening. Silver traded at ૨૭ 2.30 an ounce, up from ૬ 2.15 an ounce. Palladium was down at ૨ 215 and platinum was down at ૯ 203 an ounce.

In the domestic currency market, the dollar was down 20 paise at Rs 2.8 and the euro was down 20 paise at Rs 2.3. The pound gained 3 paise to close at Rs 4.5. Thus there was mixed weather in major currencies against the rupee. The euro is believed to have come under pressure as Germany approves one more stimulus.

In the wake of the recession in the US, crude oil has not seen much of a boost. Prices keep hitting in the short range. New York crude was trading at ૨૫ 4.5 a barrel, while Brent was trading at 2.50.