Gold and silver prices fall

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(By commercial representative) Mumbai, Ta. 25 August 2020, Tuesday

Amid reports of improving US-China trade relations, domestic gold and silver prices remained on the back of global markets. The dollar saw stability after heavy turmoil. Slow recovery in crude oil continued.

At home, the GST-free price of 10 grams of gold in the Mumbai market, which was Rs 31,601 yesterday, closed at Rs 319 today. Gold was trading at Rs 715 against Rs 8,005 in 2008. Prices with GST were quoted three per cent higher.

The price of silver was Rs 305 per kg excluding GST. Prices with GST were quoted three per cent higher.

In the Ahmedabad market, silver fell by Rs 2,000 to Rs 2,000 per kg, gold by Rs 2.50 per 10 grams to Rs 500 and by 3.50 per 10 grams to Rs 2,000. Gold fell by Rs 500.

The fall in the price of precious metals in the world market has led to lower domestic prices. Gold was trading at ૯૨૬ 17 an ounce, down 150, while silver was trading at 2.50 an ounce, down ડો 2.50. Platinum was trading at ૯૩૨ 6 an ounce, while palladium was trading at à«® 6,151 an ounce.

Reports that the US-China trade deal is improving are showing signs of easing uncertainty, with gold selling off and equities improving. The improvement in crude oil is moving forward. New York crude was trading at à«® 4.50 a barrel, while Brent was trading at 4.50.

In the domestic currency market, the dollar touched an intra-day high of Rs 6.31 and a low of Rs 6.15 and finally closed at Rs 4.5. The dollar had closed two paise higher than yesterday.


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