China's decision to buy crude oil from the US will push up prices

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(By Commercial Representative) Mumbai, Ta. 17 August 2020, Monday

The Mumbai market saw an improvement in gold and silver prices on the back of global markets. Crude oil was softening while the currency market saw a modest decline in the dollar.

In the Mumbai gold and silver market, the price of gold at Rs 2.50 per 10 grams, excluding GST, which was Rs 50 last weekend, rose to Rs 3 today. The price of 2.50 was up by Rs 500 to Rs 5. Prices with GST were quoted three per cent higher.

Silver. The price of a kilogram excluding GST, which closed at Rs 200 last weekend, rose to Rs 315 and Rs 305 today. Prices with GST were quoted three per cent higher.

Silver remained stable in the Ahmedabad market. The price of silver was Rs 2,000 per kg. Gold was priced at Rs 500 for ten grams at Rs 2.50 and Rs 2,000 for 9.50.

Gold traded higher at ૯૫૩ 16 an ounce in last week's trade at ૯૫૩ 15 an ounce. Silver was trading at ૯૬ 4.5, up from ૪૪ 4.5. Platinum was trading at ૯૫૭ 6 an ounce, up from 6 an ounce, while palladium was trading at ૫૯ 215 an ounce, up from ૨ 2,151 an ounce. The United States is keeping an eye on what is being decided in terms of providing corona relief.

In the domestic currency market, the dollar fell by 3 paise to Rs 2.7, the pound by 2 paise to Rs 2.7 and the euro by 15 paise to Rs 2.8. China has decided to buy 20 million barrels of crude oil from the United States in August and September, which is expected to improve in the coming days.

New York crude was trading at ૯ 71.50 a barrel, while Brent was trading at 4.50. Copper and silver prices rose in China on liquidity measures.


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