Ahmedabad Rs 1,500 fast in silver

(By commercial representative) Mumbai, Ta. 21 September 2020, Monday

On the first day of the week, gold and silver prices fell sharply behind the world market. The rupee strengthened in the domestic currency market despite the stock market crash. Prices remained under pressure in anticipation of rising supply of crude oil.

At home, the GST-free price of 10.50 per ten grams of gold in the Mumbai market, which stood at Rs 31,600 last weekend, fell to Rs 5,112. Gold was trading at Rs 3,171, up from Rs 7,150. Prices with GST were quoted three per cent higher. Silver. The price of a kg, which was Rs 200 at the end of last week, fell to Rs 4,151. Prices with GST were quoted three per cent higher.

In the Ahmedabad market, gold fell by Rs 200 to Rs 500 per ten grams at Rs 2.50 and Rs 2,100 to Rs 3.50. Silver fell by Rs 1,200 to Rs 2,000 per kg. Gold traded lower at ૯૫ 150 an ounce in last week's trade at ૯૩૨ 15 an ounce. Silver was trading at 2.50, up from ૭૯ 4.5. The other precious metal, platinum, was trading at ૯૨૩ 6, up from ૯૩ 21, while palladium was trading at ૨૩૩ 21, an ounce of ૨૩૬ 21.

Reports of financial irregularities in several banks around the world, including India, sent stock markets crashing. The rupee strengthened surprisingly against the dollar despite a slump in the Indian stock market. The dollar had lost seven paise to close at Rs 4.5 from the previous close. The dollar index was seen rising as bearish short positions in world markets were declining. The dollar index was up 2.50 points.

Reports of rising crude oil supplies from Libya saw a drop in crude oil prices. New York's main contract, light sweet crude for delivery in New York, was at ૩૪ 70.8 a barrel and Brent crude was at 4.5.