Precious metal prices rose in the world market

(By commercial representative) Mumbai, Ta. 24 August 2020, Monday

The first day of the week saw a mixed flow in gold and silver at home. The Mumbai market witnessed a rise in gold prices while silver declined. The rupee strengthened. Concerns over supply disruptions in crude oil led to an improvement in prices.

The GST-free price of 10.50 per ten grams of gold, which was Rs 215 last week, was Rs 31,601. The price of ten grams of gold at Rs 2.50 was Rs 715 at Rs 2,005. Prices with GST remained three per cent higher. The price of Mumbai silver rose from Rs 4 to Rs 205 per kg. Prices with GST were quoted three per cent higher.

In the Ahmedabad market, silver was trading at Rs 2,000 per kg. Gold at Rs 2.50 per ten grams was Rs 200 while the price of 5.50 was Rs 200.

The price of an ounce of gold in the world market was ૯ 1,215 to ૯૫ 150. Silver was trading at ૯ 2.50 an ounce, up from 2.50 an ounce. Platinum was trading at ૯૩૮ 6 with ૩ 203, while palladium was trading at ૨ 2181 an ounce, up from ૬૯ 215. Positive news about the corona vaccine has led to an increase in global prices of the precious metal.

In the domestic currency market, the dollar fell by 3 paise to Rs 2.31, the pound by 3 paise to Rs 2.7 and the euro by 15 paise to Rs 2.7. The rupee has strengthened as a result of the recovery in the country's stock markets.

Some crude oil-producing areas in the United States have seen crude oil supply disruptions due to the impact of the hurricane and Iraq's announcement of an increase in production cuts in August and September. New York crude was trading at ૪૨ 6.5 a barrel, while Brent was trading at 4.5.