Gold and silver prices rise again: Crude rises

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(By commerce representative), Mumbai, Tuesday

The Mumbai gold-silver market was on a downward spiral today. World market news also showed a sell-off. The rise in the dollar index against a basket of various currencies globally has led to a sell-off in global gold markets today, market analysts said.

Safe haven buying was seen today in the dollar index as the progress of the vaccine against the corona was slower than expected, while the precious metals fell from a high head to a low. At home, the dollar rose against the rupee in the currency market today. Meanwhile, crude oil prices in the world market were able to digest the shock and again there were indications of a rise of two and a half dollars. Analysts said China's buying in crude oil has increased.

Meanwhile, the quarterly rise in the Chinese currency, the yuan, broke a 15-year record against the dollar and signaled that the Chinese government was taking various measures to contain the yuan's rise to a new post-April 2017 high.

Meanwhile, in the Mumbai jewelery market, gold for delivery in 10 grams of gold today closed at Rs 30,50, excluding GST, at Rs 30,51 from Rs 8.50, while it closed at Rs 30,5, down from Rs 31,15 at Rs 8.50. It was closing at Rs 31.15 per kg, against which prices including GST were quoted three per cent higher.

Meanwhile, Mumbai silver prices today closed at Rs 3,175, down by Rs 2,205 per kg, excluding GST, while prices with GST were three per cent higher. Meanwhile, in the Ahmedabad market, silver fell by Rs 1,000 to Rs 2,000 today, while gold rose by Rs 100 to Rs 3,600 from Rs 2.50 and Rs 3,200 from Rs 4.50.

Gold, meanwhile, traded lower at ૯૨ 150 an ounce from ૯૨ 15 an ounce in early trade today, while silver fell by 2.15 an ounce to ૨૪ 2.8 an ounce. Platinum fell from 6 to ૮૭૪ 6, while palladium fell from 6 to ૨૪ 215.

Meanwhile, in the Mumbai currency market, the dollar rose by 3 paise to Rs 6.5 against the rupee today, while the British pound rose by 16 paise to Rs 2.31 and the euro depreciated by 3 paise to Rs 4.5. Market sources said.

Meanwhile, world crude oil prices rose by 2.5 per cent today after hitting a two-and-a-half per cent mark. New York crude traded above ૧ 50 a barrel in the evening trade, hitting 70.8 a barrel and Brent crude traded at 4.5 a barrel.

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