Dhanteras gold improved but demand was lower than last year

(Commercial Representative Gate) Mumbai, Ta. 13 November 2020, Friday

On today's Dhanteras day, domestic gold prices improved while silver remained soft. Gold demand was significantly lower than last year due to the corona. The lure of gold and silver coins was in great demand. The world market also saw an improvement in the precious metal. The rupee appreciated against major currencies in the domestic currency market. Globally, crude oil prices continued to soften.

In the Mumbai market, the price of gold, excluding GST at Rs 3.50 per 10 grams, which was Rs 305 yesterday, rose to Rs 5,050 today and closed at Rs 305. Gold was trading at Rs 30,205 per ten grams and closed at Rs 305. Prices with GST were quoted three per cent higher.

Silver was trading at Rs 31 per kg, up from Rs 21 per kg, at Rs 500 per kg. Prices including GST were three per cent higher. Demand for silver and gold coins was limited. Dhanteras, however, has not seen much demand.

In the Ahmedabad market, gold rose by Rs 200 to Rs 3,100 per ten grams at Rs 2.50 and Rs 200 to Rs 4.50 per ten grams. Silver also stabilized at Rs 200.

World gold was trading at 16 an ounce, up from ૮૭ 120 an ounce, while silver was trading at ૨૪ 2.8 an ounce, up ૮ 2.15 an ounce. Platinum was trading at ૮૭૨ 6 an ounce, while palladium was trading at ૨૩૫ 61 an ounce, up from 50 an ounce. The rupee continued to strengthen in the domestic currency market. The dollar was down 3 paise at Rs 2.31, the pound was down 21 paise at Rs 2.50 and the euro was down 3 paise at Rs 5.11.

Crude oil was softening. New York crude was trading at ૫૨ 80.5 a barrel, while Brent crude was trading at 4.5.