Support for gold globally, signaling a slowdown in economic recovery

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(By commercial representative) Mumbai, Ta. 21 November 2020, Saturday

Gold and silver prices were higher at home on Saturday, following a rally in global precious metal prices over the weekend. Gold is supported by signs that the economic recovery is slowing due to the second wave of Corona. Rising gold in the world market had pushed up its landing cost. In private, the dollar was weakening. Crude oil remained firm over the weekend.

At home, the Mumbai gold and silver market was closed on Saturday, but in private, gold was quoted at Rs 30,600 per 10 grams excluding GST. Gold was trading at Rs 30,400 with a price of Rs 30,505. Prices with GST were quoted three per cent higher. Silver.2 The price of one kg was Rs. Prices were quoted three per cent higher with GST.

Gold closed at ૮૭ 181 an ounce, up from ૮૬૬ 15 an ounce over the weekend. Silver traded higher at ૨૪ 3.15 an ounce, while platinum was up 20 an ounce and palladium was at ૨૩૨૯ 8 an ounce. Investors in the global market reportedly withdrew 3 billion from gold in the week ended. The largest gold ETF in the US, SPDR, has withdrawn 30 tonnes of gold.

Gold prices are getting modest support from the International Monetary Fund (IMF) on the back of a slowdown in economic recovery due to the Corona's second wave. Overall gold imports from Switzerland fell by 15 per cent to 20 tonnes in October. However, its gold exports to India rose to 8 tonnes.

The optimism of the Corona vaccine remained firm in crude oil. New York crude was trading at ૪૨ 2.15 a barrel, while Brent was trading at 4.5.

The local currency market was closed on Saturday, but in private, the dollar weakened by five paise to Rs 5.10.


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