Bounce in precious metals at home behind the world market

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(By commercial representative) Mumbai, Ta. Wednesday, October 21, 2020

The back of the world market saw a surge in gold and silver prices. Silver also saw a rise of Rs 1,000. Safe Haven Buying in Gold is coming from positive news about stimuli in America. On the other hand, global crude oil prices continued to fall on the back of weakening demand for crude oil. The rupee weakened against major currencies in the domestic currency market.

At home, gold in the Mumbai market rose by Rs 2.50 per 10 grams, excluding GST, from Rs 303 yesterday to close at Rs 31,150.

Gold was trading at Rs 815, up from Rs 705 at Rs 2.50. Prices with GST were quoted three per cent higher. Silver. The price of one kg was closing at Rs. Prices with GST were quoted three per cent higher.

Ahmedabad silver jumped by Rs 1,000 to Rs 200 per kg. Gold rose by Rs 500 to Rs 200 per ten grams at Rs 2.50 and Rs 2,000 at Rs 9.50.

Gold surged on reports of stimulus arriving in the US just before the election. Turning to gold as a safe haven with funds, the price of an ounce of gold rose by ૯ 1,305 to ૯ 1,215. Silver was trading at ૨૫ 4.5 an ounce, up from 4.5. Platinum jumped from 6 to ૮૮૩ 6, while palladium jumped from ૨૩૫૨ 3 an ounce to close at 200.

The rupee weakened against major currencies in the domestic currency market. The dollar had gained 11 paise to close at Rs 2.4, the pound by 7 paise to Rs 2.09 and the euro by 3 paise to close at Rs 4.5.

In the United States, crude oil supplies rose 2.5 million barrels to 204 million barrels. Prices are trading lower in anticipation of weaker demand from Corona. New York crude was trading at ૯૪ 70.8 a barrel, while Brent was trading at 4.50.

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