Malkhenche gold premium peaks at 3 months

(By commercial representative) Mumbai, Ta. Saturday, October 24, 2020

In the Mumbai jewelery market, the bullion market remained closed on Saturday due to Saturday, but the closed market saw a decline in gold and silver prices behind the world market, market sources said. World market news showed a sharp fall in precious metals, while the dollar traded higher against the rupee in the domestic currency market today, analysts said. Meanwhile, crude oil prices were reported to have fallen by about 2.5 to 2 per cent as corona infestations in various parts of the world escalated and demand slowed.

In India, meanwhile, there has been a shortage of gold stocks during the festive season, leading to a rise in gold premiums to a six-month high, market sources said. Such premiums per ounce have gone up from ૫ 1 to, 3, while gold-traded discounts in China have been reported to have fallen by ૨ 2 to થી 20 to ૩૩ 4 an ounce.

Meanwhile, in the Mumbai market today, the price of 10 grams of gold was quoted at Rs 30,50 per kg, excluding GST, from Rs 21,018 to Rs 30,50, while the price of 7.50 per kg was quoted at Rs 31,000, down from Rs 31,8, against GST. The accompanying prices were 3 per cent higher than this. Meanwhile, Mumbai silver prices were trading at Rs 2,500 per kg, excluding GST, from Rs 3,600 today, while prices with GST were 3 per cent higher.

Meanwhile, in the Ahmedabad market today, gold was trading at Rs 3,200 for Rs 2.50 and Rs 3,400 for Rs 2.50, while silver was trading at Rs 3,500 per kg. Meanwhile, gold in global markets fell by 1,215 an ounce to ૯ 1,305 over the weekend, while global silver fell by 2.50 an ounce to 2.50 an ounce. Platinum was down from ૯ 203 to ૯ 203, while palladium was up ૨૩૯૫ 3 to ૨૩૯૮ 5 over the weekend.

Meanwhile, according to world market analysts, there has been uncertainty about the new stimulus offered in the US and the rise in the dollar index against the basket of currencies has led to speculation that the sell-off of funds has increased globally on the back of falling global gold.

Meanwhile, behind the world market, the dollar was trading at Rs 8.30, up from Rs 7.50, in the Mumbai currency market today. Meanwhile, global crude oil prices fell by 2.5 per cent to ૩૯ 2.7 a barrel over the weekend on New York's main contract, while Brent crude was reported to have fallen to ૪ 21.5 a barrel.