Gold production will fall to a five-year low

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(By commercial representative) Mumbai, Ta. Thursday, October 15, 2020

Gold and silver prices in the domestic market fluctuated modestly on the back of weakening metal prices in the global market, but domestic inflows were seen softening behind the world market after the market closed. Uncertainty over stimulus in the US has led to a softening of gold and a rise in the dollar index. The rupee has seen mixed weather against major currencies while crude oil prices have seen a significant decline. Global gold production is expected to be at a five-year low this year as corona disrupts operations at goldmines that have been locked down worldwide.

At home, the GST-free price of 10 grams of gold in the Mumbai market, which was Rs 303 yesterday, was Rs 30,800 to Rs 4,050. Gold was trading at Rs 30,205, up from Rs 305 to close at Rs 305. Prices with GST were quoted three per cent higher. Late evening prices saw a softening. Silver. The price of one kg fell by Rs. Prices with GST were quoted three per cent higher.

Ahmedabad silver was down by Rs 200 to Rs 30,200 per kg and gold by Rs 2.50 per 10 grams, down by Rs 100 to Rs 2,000 and Rs 2.50 per kg.

Gold, which was trading at ૯ 1,201 an ounce yesterday, was trading at ૮૯ 121 an ounce late this evening, while silver was trading at ૨૩ 2.8 an ounce, up from ૨૮ 4.5 an ounce. In the US, stimulus-sized funds are selling gold and buying dollars. The other precious metal, platinum, fell from ૮૭૫ 6 to ૮૪૬ 6, while palladium, which is trading at 6, fell to ૨૩૩ 21 an ounce.

The rupee depreciated against the dollar in the domestic currency market. The dollar gained seven paise to Rs 2.7, the pound gained seven paise to Rs 7.5 and the euro lost 18 paise to close at Rs 7.5.

Prices fell on expectations that demand for crude oil would decline as new lockdowns were being imposed in some parts of the world. New York crude was trading at à««à«® 4.5 a barrel, while Brent was trading at 21.5.

As a result of the lockdown imposed by the Corona, gold production is expected to remain as low as 7.50 per cent at 5 tonnes in the current year, which is at a five-year low. However, next year, production is projected to increase by 2.50 per cent to a record high of 8 tonnes.


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