Mixed flow in domestic gold and silver prices

(By commercial representative) Mumbai, Ta. Monday, October 26, 2020

The first day of the week saw a mixed trend in domestic gold and silver prices behind the world market. In the currency market, the rupee weakened against the dollar while crude oil was weakening. There is also a trend that the world banks are trying to sell gold at higher prices.

At home, the price of gold in the Mumbai market, which is 8.50 per ten grams, excluding GST, which was Rs 4,050 last weekend, was hovering at Rs 2,105. Gold was quoted at Rs 715 with a price of Rs 21,000. Prices with GST were quoted three per cent higher. Silver.2 The price of one kg was Rs. Prices with GST were quoted three per cent higher.

The Ahmedabad market saw a stabilization in gold and silver. Gold was quoted at Rs 200 for a 3.50 ten gram and Rs 200 for a 3.50 gram, while silver was quoted at Rs 200 per kg.

World gold was trading at ૩ 1,305 an ounce, while silver was trading at ૨૪ 2.8 an ounce, up from ૬ 2.50 an ounce. Platinum was priced at ૮૮૭ 205 with ૯ 20, while palladium was priced at ૨૩૯૮ 8 with 8. In the world market, central banks of various countries are selling gold at high prices. The central bank of Uzbekistan was a net seller instead of a net buyer of gold.

Investors are investing in safe havens in dollars as Corona cases are on the rise again globally. At the domestic level, the dollar was up 3 paise at Rs 2.3 and the euro was up 19 paise at Rs 6.5. The pound lost 20 paise to close at Rs 2.15. Investors are watching the results as the US election approaches.

Prices were softening due to lack of buying in crude oil. New York crude was trading at 4.31 a barrel, while Brent was trading at 70.5.