Gold and silver fall as the dollar falls to a five-month low

(By commercial representative) Mumbai, Ta. 28 August 2020, Friday

The world market saw a rally in the precious metal after the US Federal Reserve Chairman Jerome Powell's observation of the US economy while the dollar index fell. At home, the dollar weakened and gold and silver prices fell. Domestically, the dollar was at a five-month low. Crude oil is also showing weakness again.

At home, the GST-free price of 10 grams of gold in the Mumbai market, which was Rs 21,018 yesterday, fell to Rs 305 from Rs 31,015 and finally closed at Rs 305. Gold rose to Rs 705 from Rs 315 at the end of the day and finally stood at Rs 3111. Prices with GST were three per cent higher. Silver. The price of one kg fell from Rs. 511 to Rs. 511 and finally closed at Rs. Prices with GST were three per cent higher.

Ahmedabad market saw a stabilization in prices. The price of ten grams of gold at Rs 2.50 was Rs 300 and Rs 9.50 per ten grams. Silver.2 The price of one kg was Rs. Prices in the global market have risen, but a weaker dollar in the domestic market has led to a softening in precious metal prices.

Gold traded at ૯૪૩ 16 an ounce, up 15 an ounce and silver at ૨૭ 2.8 an ounce, or ૩ 2.31 an ounce. Platinum was trading at 20 with 8 while palladium was trading at ૨ 215 with ૮ 2131. Jerome Powell, chairman of the US Federal Reserve, has emphasized that job creation is a priority in the economy. Even if inflation rises, efforts will be made to increase employment. The dollar index fell after his statement.

The domestic currency market has seen a steady decline in the dollar. The dollar had depreciated by 2.7 paise to close at 6.5 against the dollar in the previous session. The dollar has been at a five-month low. The pound was down 19 paise at Rs 2.3 while the euro was flat at Rs 2.7.

Crude oil softened amid reports that hurricanes in the U.S. did not disrupt crude oil supplies as expected. New York crude was trading at ૪૩ 6 a barrel, while Brent was trading at 4.