September negative for gold investors

Mumbai, Ta. 30 September 2020, Wednesday

The end of September was negative in terms of returns for global investors in Mass Gold while the dollar index saw gains. Gold and silver prices in the domestic market saw modest fluctuations today. The rupee witnessed a mixed trend against major currencies in the currency market while crude oil continued to weaken.

At home, the GST-free price of 10.50 gold per ten grams in the Mumbai market, which was Rs 305 yesterday, fell marginally to Rs 4,050 today. The price of ten grams of gold, which was Rs 2.50, was slightly lower at Rs 305. Prices with GST were quoted three per cent higher. Silver. The price of a kg, which was Rs 5,050 yesterday, fell to close at Rs 4. Prices with GST were quoted three per cent higher.

In the Ahmedabad market, gold rose by Rs 100 to Rs 31,700 per ten grams at Rs 2.50 and Rs 21,100 to Rs 9.50 per ten grams. Silver.2 The price of one kg rose by Rs 200 to Rs 30,200.

The upper head of gold in the world market is not sustainable. The dollar index was strengthening. In the world market, the price of an ounce of gold rose from ૮૮૫ 15 to ૮૯ 120 and was trading at ૮૮૩ 15 late in the evening. Silver was trading at ૨૩ 2.50 an ounce, up from ૮૬ 4.5 an ounce. Platinum was quoted at ૮૮૪ 6 per ounce, while palladium was quoted at ૨૩૨૭ 6 per ounce.

Global gold prices fell by 2.50 per cent in September. This is the first time in the last four years that gold has seen such a large monthly decline. This was followed by a sharp decline in November 2016. Against this, the dollar index has seen a big rise in September for the first time since July 2016.

In the domestic currency market, the dollar fell 11 paise to Rs 2.8, the pound fell 3 paise to Rs 2.8 and the euro rose 3 paise to close at Rs 2.31. Crude oil prices continued to soften. In the US, stocks have fallen but prices have been under pressure due to lack of demand. New York crude was trading at ૫ 4.05 a barrel, while Brent was trading at ૪ 70.8 a barrel.