Gold and silver fall, rupee weakens against global currencies

(By commercial representative) Mumbai, Ta. 28 September 2020, Monday

The back of the world market saw a modest decline in gold and silver on the first day of the week. Crude oil was weakening while the rupee was weakening in the currency market despite the country's stock market rising.

At home, the gold price in the Mumbai market, which was Rs 2.50 per 10 grams, was Rs 200 excluding GST at the end of last week. At 2.50, gold was trading at Rs 5, up from Rs 50. Prices with GST were quoted three per cent higher. Silver. The price of one kg excluding GST was Rs. 500 from Rs. Prices with GST were quoted three per cent higher. There was chaos in the silver.

In the Ahmedabad market, silver fell by Rs 100 per kg to close at Rs 200. Gold remained relatively calm. The price of ten grams at Rs 2.50 was Rs 31,100 and Rs 9.100 was at Rs 9.50.

Gold was a bullish trend in the world market. At ૮૬૨ 15 an ounce, it was 161. Silver was trading at ૮૯ 4.05 with a volume of 7.5. Platinum was quoted at ૮૪૯ 6 per ounce, while palladium was quoted at ૨૨૩૨ 6 per ounce. The pre-election debate between US presidential candidate Dr Biden and Trump is set to begin tomorrow. Globally, bullish futures in gold are declining.

The rupee weakened against major currencies despite a rally in the country's stock markets. The dollar had gained 19 paise to close at Rs 2.8, the pound had gained 8 paise to Rs 2.31 and the euro had gained five paise to close at Rs 7.5. Crude oil prices have been steadily rising on the back of rising supply from Libya.

The undertone is looking soft. The daily supply of oilfields in Libya, which used to be 20,000 barrels, has risen to 2.50 million barrels.