Domestic gold and silver prices fell as a result of the retreat in the world market

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(By commercial representative) Mumbai, Ta. 20 October 2020, Tuesday

The fall in the price of precious metals in the world market has resulted in a decline in domestic gold and silver prices. The domestic currency market witnessed mixed weather while prices continued to come under pressure as a result of weak demand with increased supply in crude oil.

In the Mumbai market, the price of 10 grams of gold excluding GST at Rs 8.50, which was Rs 30,415 yesterday, fell to Rs 30,210 today and closed at Rs 305. Gold was trading at Rs 30,215, up from Rs 3,105 at Rs 8.40. Prices with GST were quoted three per cent higher. Silver. The price of one kg excluding GST was Rs.

In the Ahmedabad market, gold was priced at Rs 500 per ten grams at Rs 2.50 and Rs 200 at Rs 3.50. Silver.2 The price of one kg was Rs.500.

Gold for immediate delivery traded at ૩ 1,309 an ounce, while silver traded at ૨૪ 2.8 an ounce, up 2.81 an ounce. Platinum was trading at ૮૭૮ 6, while palladium was trading at ૨૩૫૨ 6 an ounce.

The rupee was mixed in the local currency market. The dollar was up 3 paise at Rs 2.8, the pound was down 20 paise at Rs 8.10 and the euro was up 3 paise at Rs 6.5. Reports of a stalemate over the Brexit deal put pressure on the pound. The dollar index rose while gold was about to sell on reports of stimulus in the US.

Prices remained subdued with narrow fluctuations in crude oil. Declining demand keeps supply higher and crude oil prices stay lower. New York's crude oil was trading at ૪ 70.8 a barrel, while Brent crude was trading at 4.5.

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