Reduction in gold discounts: Focus on festive demand

(By commerce representative), Mumbai, Ta. 19 September 2020, Saturday

The bullion market in Mumbai gold-silver market remained closed on Saturday due to Saturday, however, gold and silver prices were trading lower in the Mumbai market behind the closed world market. As the dollar index rose in global markets, the selling of funds in gold was seen on the rise.

World gold prices fell from ૯૫૪ 15 an ounce to ૯૫ 120 an ounce over the weekend. On the back of gold, silver also declined from ૯ 3.05 an ounce to ૨૬ 2.3 an ounce.

Meanwhile, at the Mumbai Bullion Market, gold for delivery in 10 grams today was trading at Rs 31,600, down from Rs 21,315 per ounce, excluding GST, while it was trading at Rs 31,50 per ounce, down from Rs 31,50 per ounce. . Meanwhile, prices including GST were 3 per cent higher than this.

Meanwhile, silver prices in the Mumbai market today were trading at Rs 2,200 per kg, excluding GST of Rs 5 per kg, while prices with GST were 3 per cent higher.

Platinum, meanwhile, was trading lower at ૯૩ 21 an ounce from ૯૪૫ 6 an ounce, while palladium was trading at થી 41 an ounce. In the Mumbai currency market today, the dollar rose from Rs 4.5 to Rs 2.50 on the back of global markets, currency market sources said.

Meanwhile, gold prices fell to around ૨૩ 2 an ounce from ૨૩ 50 an ounce in anticipation of seasonal festive demand in India's jewelery markets, analysts said. In China, such discounts have dropped from ૪૫ 5 to 20 to ૪૪ 5 to 8, according to world market sources. Meanwhile, global crude oil prices rose to ૪ 71.11 a barrel from New York's 70.8 a barrel, while Brent crude rose to ૫ 6.15 a barrel over the weekend from ૪૩ 2.05.

The number of oil rigs producing crude oil in the United States fell to a three-week low of 12, while analysts were hoping for a resumption of production in the world market as production resumed in some closed oil fields in Libya.

However, OPEC officials told OPEC crude-producing countries not to exceed production quotas. Meanwhile, according to investment bank Goldman Sachs, the price of Brent crude will now rise to ૪૯ 6 and rise to ૬૫ 5 next year, the bank said. .