Hedge buying leads to a resurgence in gold and silver

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(By commercial representative) Mumbai, Ta. 18 August 2020, Tuesday

Hedge buying in precious metals in the global market has led to renewed rise in gold and silver prices. Gold in the world market has jumped to the level of 4000 per ounce again. Silver has also seen a rally. Crude oil was seen stabilizing while the dollar weakened locally as the dollar index fell.

At home, the price of 10 grams of gold in the Mumbai market, which was Rs 7 yesterday without GST, rose to Rs 5 and closed at Rs 200 today. At Rs 2.50, gold was trading at Rs 7,111 with Rs 5 closing at Rs 715. Prices were quoted three per cent higher with GST. Silver. The price of one kg was Rs. Prices with GST were quoted three per cent higher.

In the Ahmedabad market, gold rose by Rs 1,000 to close at Rs 500 and Rs 2,000 at Rs 4.50. Silver rose by Rs 200 to close at Rs 200.

The price of an ounce of gold in the world market jumped by ૯૫૩ 15 and crossed the level of ૨ 4000 and was trading at ૨ 2006 late in the evening. Silver rose by ૯૫ 2.6 an ounce to ૫ 2.15 an ounce. Platinum was trading at ૯૬૭ 6 with 6 while palladium was trading at ૨૨ 215 with 313. Gold ETF Gold holdings in SPDR have jumped to 120 tonnes.

The dollar index fell to a two-year low on the back of rising currency supply due to the release of stimulus. In the domestic currency market, the dollar lost 15 paise to Rs 2.7, the pound gained 7 paise to Rs 2.31 and the euro gained 7 paise to close at Rs 4.5. Crude oil prices remained stable. New York crude was trading at ૬ 2.50 a barrel, while Brent was trading at 2.50.

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