Prices fell again as gold and silver rebounded

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(By commerce representative), Mumbai, Ta. 12 September 2020, Saturday

The bullion market in Mumbai jewelery market remained closed on Saturday due to Saturday, but the closing market saw an overall decline in prices. World market news was also showing a sell-off in gold and silver. However, the dollar was trading moderately higher in the domestic currency market.

In the Mumbai market, silver was quoted at Rs 2,500 per kg, excluding GST, from Rs 2,6 per kg, while prices with GST were three per cent higher. Meanwhile, in the Mumbai market, gold prices were quoted at Rs 31,100 per 10 grams, excluding GST, from Rs 8.50 per ounce and Rs 31.50 per ounce, down from Rs 21,31 per ounce.

Prices with GST were three per cent higher than this. Meanwhile, in the Ahmedabad market, gold prices fell by Rs 200 to Rs 3,200 for Rs 2.50 and Rs 3,500 for Rs 4.50, while Ahmedabad silver was trading at Rs 2,000 per kg.

Meanwhile, gold prices in the world market rose from ૯૪૪ 15 an ounce to ડો 150 an ounce, after which it was reported that the price would fall to ૯૪ 121 an ounce over the weekend. Silver also rose to લર 8 an ounce from ૭૯ 2.4 an ounce and was at à«­à«© 4.5 over the weekend. Platinum rose from ૯૩૬ 6 to ૯૩૭ 6, reaching ૯૩ 61 over the weekend.

Palladium, meanwhile, was reported to be above ૯ 705 at ૨૩૨૪ 6 over the weekend. Meanwhile, as the dollar index rose in global markets, the rise in gold led to a sell-off in funds. In the Mumbai currency market, the dollar was trading at Rs 4.30, up from Rs 4.5 in the previous session.

Meanwhile, according to world market news, Europe's central bank has not given any clear indication of stimulus, nor has the bank shown any clear stance on the rise in the price of the euro. However, rising consumer prices in the US were news of rising inflation. Meanwhile, the decline in gold prices in India and China has led to a decline in discounts, market sources said.

In India, such discounts were quoted at ૩ 50 per ounce, down from ૪ 50, while in China, such discounts were reported to have fallen from ૫૬ 8 to ૪૫ 5 to ૫ 20. Meanwhile, amid a slowdown in global crude oil prices, New York's crude was quoted at ૩૭ 2.4 a barrel and Brent crude at ૮૩ 2.8 a barrel over the weekend.

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