Improvement in the precious metal after the initial shock at home

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(By commercial representative) Mumbai, Ta. 23 October 2020, Friday

At the back of the world market, gold and silver prices rose again after absorbing the initial shock. However, prices were closing lower than yesterday. The world market is also witnessing fluctuations in the price of precious metals in the US on a daily basis due to new reports. The local currency market saw mixed flows. Crude oil has seen a slow recovery.

At home, the GST-free price of 10.50 per ten grams of gold in the Mumbai market, which was Rs 7,115 yesterday, closed at Rs 21,017 after seeing a low of Rs 303 earlier today. Gold was closing at Rs 315 after seeing Rs 21,021 at Rs 2.90. Prices with GST were quoted three per cent higher. Silver. The price of one kg was Rs. Prices with GST were quoted three per cent higher.

In the Ahmedabad market, gold fell by Rs 100 to Rs 200 per ten grams at Rs 2.50 and Rs 200 to Rs 3.50. Silver fell by Rs 200 to Rs 200 per kg.

Prices in the world market were heading lower. Gold was trading at ૯ 1,212 an ounce, compared to 1,015 an ounce, while silver was trading at ૨૪ 2.3 an ounce. Platinum was quoted at 605 per ounce, while palladium was quoted at ૨૩૯૫ 20 per ounce. Production figures in Germany were reported to be good.

In the domestic currency market, the dollar rose 5 paise to Rs 2.50, the pound fell 12 paise to Rs 2.8 and the euro fell 1 paise to close at Rs 2.15. World markets saw a slow recovery in crude oil as Russia prepared for further production cuts. New York crude was trading at 70.5 a barrel, while Brent was trading at 4.5.

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