Improvement behind the world market in gold and silver

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(By commercial representative) Mumbai, Ta. 19 October 2020, Monday

The back of the world market saw an improvement in gold and silver at the start of the week. Silver has seen a significant rebound. Safe Heaven Buying by Funds came out as renewed stimulus talks began in the US. The rupee was weakening in the domestic currency market. Globally, narrow fluctuations in crude oil prices remained stable.

At home, the GST-free price of 10.50 per gram of gold in the Mumbai market, which stood at Rs 4,050 last weekend, rose to close at Rs 30,415. Gold was trading at Rs 31,07 with a price of Rs 30,200. Prices were quoted three per cent higher with GST. Silver. The price of a kilogram, which stood at Rs 31,200 last weekend, rose to Rs 30. Prices with GST were quoted three per cent higher.

In Ahmedabad market, the price of silver rose by Rs 1,000 to Rs 200 per kg. Gold remained relatively stable. The price of ten grams of gold at Rs 2.50 was quoted at Rs 500 and Rs 3.50 per 10 grams. Rising landing costs are driving up home prices.

In foreign markets, gold, which was at એક 15 an ounce last weekend, rose to ૯ 1,215 late this evening. Silver rose from ૨૪ 7.5 an ounce to ૨૪ 2.31 an ounce, platinum at ૮૬૫ 6 an ounce and palladium at ૨૩૩૫ 8 an ounce. With renewed talk of stimulus in the US, the funded dollar index is turning to sell gold. With the US presidential election looming, players are being cautious.

In the domestic currency market, the dollar rose by two paise to Rs 2.8, the pound by 7 paise to Rs 2.50 and the euro by 15 paise to Rs 2.09.

Narrow fluctuations in crude oil prices in the world market were seen stabilizing. New York crude was trading at ૮૯ 70.8 a barrel, while Brent was trading at 4.5.


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