Gold in the world market from the top to the bottom of two months

(By commercial representative) Mumbai, Ta. 24 September 2020, Thursday

The downturn in the precious metal at home behind the world market continued. Gold and silver prices in the world market have seen a two-month low. Gold has retreated as much as 3 from its recent highs. Silver has also suffered a major setback. The rupee weakened against major global currencies while crude oil recovered slowly.

At home, the GST-free price of 10.50 gold per ten grams in the Mumbai market, which was Rs 1,015 yesterday, fell to Rs 4 today. The gold price was seen at Rs 305 with a price of Rs 305. Prices with GST were quoted three per cent higher. Silver. The price of a kilogram was Rs. Prices with GST were quoted three per cent higher.

In the Ahmedabad market, silver fell further by Rs 1,200 to Rs 2,000 per kg. Gold fell by Rs 50. Gold closed at Rs 30,600 per ten grams and Rs 21,000 at Rs 9.50 per ten grams. In Ahmedabad, silver has lost Rs 200 in four days. Traders are expecting festive demand at home as gold prices fall.

World gold, which was trading near ૨ 5,100 an ounce in August this year, has fallen more than ૨૨૫ 3 to a two-month low. Gold fell from ૮૮૯ 16 an ounce yesterday to ૮૫૩ 16 an ounce. Silver traded lower by 2.81 to ૩૭ 2.3. The other precious metal was palladium at ૨૨૪૫ 20 per ounce and platinum at ૮૭૨ 6 per ounce. Holdings in the US gold ETF SPDR fell further to 12 tonnes. Funds are emerging from gold as a safe haven.

The slump in the country's stock markets had an impact on the rupee. The rupee weakened against major currencies today. The dollar had gained 7 paise to close at Rs 6.5, the pound had gained 50 paise to Rs 2.09 and the euro had gained 8 paise to close at Rs 6.15. The dollar index hit a two-month high globally on fund-raising. Crude oil saw a slow recovery due to lack of special purchases. New York crude was trading at ૯૭ 4.5 a barrel, while Brent crude was trading at 21.5 a barrel.