Gold-silver price declines: Gold premiums retreat

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(By commerce representative), Mumbai, Ta. Saturday, October 17, 2020

The bullion market in Mumbai jewelery market remained closed on Saturday due to Saturday, but gold and silver prices in the closed market declined on the back of rising headlines, market sources said. World market news also showed a sell-off of funds. In the Mumbai market, gold prices were quoted at Rs 30,501 per 10 grams, excluding GST, from Rs 30.501 per kg, while the price of 7.50 per gram was quoted at Rs 30,200 per kg, excluding GST. Three per cent remained high.

Meanwhile, the price of Mumbai silver today fell by Rs 31.3 per kg, excluding GST, to Rs 31,600, against which the price with GST was three per cent higher.

Gold premiums in India, meanwhile, fell to ૧ 1 an ounce from ૨ 6 an ounce this week, compared to a three-month low in China, where gold discounts fell to થી 20 to à«©à«« 4 an ounce.

Imports have declined recently due to high import costs against spot prices in India and there is a shortage of spot goods citing festivals, experts said. Meanwhile, there were reports of bidding in Hong Kong and Singapore with negligible premiums.

In Ahmedabad, meanwhile, gold was trading at Rs 9,600 per ounce, Rs 2,400 per ounce and silver at Rs 31,800 per kg. Meanwhile, gold prices in the world market fell from ૯ 1,215 an ounce to ૮૯૯ 12 an ounce over the weekend.

Silver, meanwhile, fell below સો 2.50 an ounce to à«« 2.15 an ounce, followed by platinum at ૮૬૫ 8 an ounce and palladium at ૨૩૩૫ 8 an ounce.

Meanwhile, in the Mumbai currency market, the dollar was trading at Rs 6.5 against the dollar in early trade today. Meanwhile, world crude oil prices fell sharply over the weekend, with New York trading at ૪ 70.8 a barrel and Brent at ૪૨ 2.8.

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