Precious metals continue to decline behind the world market

(By commercial representative) Mumbai, Ta. Thursday, November 19, 2020

Domestic gold and silver prices continued to decline on the back of global markets. Declining domestic demand after Diwali also weighed on prices. Corona vaccine was reported to be showing effective results and gold and silver were expected to decline in the hope of getting approval by the end of December. The domestic currency market saw mixed flows while crude oil was softening.

In the local Mumbai market, the price of 10 grams of gold at Rs 8.50 excluding GST, which was Rs 305 yesterday, is now Rs 2017. The price of ten grams was closing at Rs 305 with Rs 305.

Prices with GST were quoted three per cent higher. Silver. The price of a kilogram fell from Rs 205 to Rs 1100 to close at Rs 21,505. Prices with GST were quoted three per cent higher.

Gold traded lower at ૮૬૨ 18 an ounce from 16 an ounce and silver at ૯૮ 4.5 an ounce. Platinum was trading at ૯૨૯ 6, up from 3, while palladium was trading at ૨૩ 215, down from ૨૩૩૭ 3 an ounce. The Corona anti-virus vaccine is being sold in gold in the hope of hitting the market in the near future.

The rupee had weakened against the dollar in the domestic currency market. The dollar index in foreign markets rose again today after hitting a two-year low yesterday. In the domestic market, the dollar strengthened by seven paise to Rs 2.8, the pound by 31 paise to Rs 2.11 and the euro by six paise to close at Rs 4.5. The rupee weakened against the dollar as Indian stock markets fell.

As corona cases are on the rise in some parts of the world, including the United States, crude oil demand is expected to be under pressure, leading to narrow price fluctuations. New York's main contract, light sweet crude for delivery at 61.71 a barrel and Brent crude at ૫ 2.09 a barrel.