The US will see narrow fluctuations in gold and silver prices until the election

(By commercial representative) Mumbai, Ta. 27 October 2020, Tuesday

The backyard of the world market saw mixed weather in gold and silver. Analysts expect the price of the precious metal to continue to fluctuate narrowly until next month's US elections. The rupee strengthened against major global currencies in the domestic currency market. Crude oil prices continued to slide.

At home, the Mumbai market witnessed mixed weather in gold and silver prices. Gold was closing lower than yesterday while silver was improving. Gold, excluding GST at Rs 9.50 per 10 grams, which was Rs 3,108 yesterday, has come down to Rs 305 today.

The price of ten grams of gold at Rs 3.20 was closed at Rs 3105 with Rs 315. Prices with GST were quoted three per cent higher. Silver.2 The price of one kg was Rs 31,905 to Rs 4 and closed at Rs 5,151. Prices were three per cent higher with GST.

In the Ahmedabad market, silver remained steady at Rs 200 per kg, while gold was trading at Rs 500 per 10 grams at Rs 2.50 and Rs 500 at Rs 9.50 per 10 grams.

World gold prices were hovering around ૯ 1,305 an ounce. Silver was trading at ૨૪ 2.81 an ounce, up 4.5 an ounce, platinum at ૮૮૭ 8 an ounce and palladium at ૨૩૮૫ 21 an ounce. Analysts expect world gold prices to hover between ૮૯ 150 and ૯૨ 150 an ounce until the US election.

The rupee strengthened against major currencies in the domestic currency market. The dollar was down 19 paise at Rs 3.31, the euro was down 3 paise at Rs 2.01 and the pound was down 3 paise at Rs 7.5.

The sluggish environment in crude in the world market continued. Prices continued to quote lower as supplies from Libya increased. New York crude was trading at ૯ 2.50 a barrel, while Brent was trading at ૮ 70.50. The renewed hurricane forecast in the Gulf of Mexico has had no effect on crude oil prices.