Global banks sold 12 tonnes of gold

(By commercial representative) Mumbai, Ta. Thursday, October 29, 2020

The resumption of corona cases in some parts of the world, including Europe and the United States, has weighed on global prices amid panic in precious metals, crude oil and equities markets. The dollar index, which has been buying in dollars as a safe haven, rose. Investors are watching the results as the US presidential election draws to a close. Reports of global banks selling gold had an impact on gold prices.

Gold and silver prices fell on the back of global markets and the rupee weakened. In the Mumbai market, the GST-free price of 9.40 ten grams of gold, which was Rs 305 yesterday, fell to close at Rs 305.

Gold was closing at Rs 5,050 with a price of Rs 805. Prices with GST were quoted three per cent higher. Silver. The price of a kilogram fell by Rs. Prices with GST were quoted three per cent higher.

In the Ahmedabad market, gold fell by Rs 100 per ten grams to Rs 200 at Rs 2.50 and Rs 200 at Rs 3.50. Silver fell by Rs 200 to Rs 21,200 per kg. The decline in domestic gold and silver prices was limited by the strength of the dollar.

In the world market, the price of an ounce of gold was ૮૭૨ 15 to 15. Silver traded lower by ડો 1.3 an ounce. Platinum was trading at ૮૬૨ 6 an ounce, while palladium was trading at ૨૨ 501 an ounce, down from ૨૨૮૨ 3.

Corona cases have risen again in Europe and the United States, and reports of global banks selling gold have seen gold prices fall. Gold supply in the market is expected to increase. Investors selling gold are turning to the dollar.

According to the World Gold Council, the central banks of Russia, Turkey and Uzbekistan sold more than 15 tonnes of gold in the third quarter of this year. During the same period last year, 151 to 18 tonnes of gold was procured. The world's banks have been selling gold for the first time in a decade.

The rupee weakened again against major global currencies in the domestic currency market. The dollar had gained 3 paise to Rs 8.10. Late in the evening, there were reports of the dollar jumping to Rs 4.50 in private. The pound gained 20 paise to close at Rs 2.8 and the euro gained 15 paise to close at Rs 7.5.

Crude oil continued to crash. Prices were quoted below four per cent. Prices are falling on fears of lower demand following the economic downturn. New York crude was trading at ૭૯ 4.5 a barrel, while Brent was trading at 4.5. Prices have fallen to a four-month low. Today's drop in crude oil is the biggest drop in two months.