Weakening in gold and silver as vaccine optimism increases

(By commercial representative) Mumbai, Ta. 23 November 2020, Monday

Reports of success in one more corona vaccine put global precious metal prices under pressure as crude oil strengthened, signaling the start of an economic recovery. The dollar weakened at home while the pound rallied significantly.

In the domestic Mumbai market, the price of gold at Rs 3.50 per 10 grams, excluding GST, which had closed at Rs 30,800 last week, rose to an intraday low today and then fell to Rs 10,095. Gold fell by Rs 30.50 to close at Rs 30,605. Prices with GST were quoted three per cent higher. Silver. The price of one kg was Rs. 515 to Rs. Prices with GST were quoted three per cent higher.

Ahmedabad gold closed at Rs 200 per ten grams at Rs 2.50 and Rs 500 at Rs 9.50 per ten grams. Silver.

Precious metal prices in the world market remained soft on the optimism of the vaccine. Gold was trading at ૮૬૮ 17 an ounce, up 171, while silver was trading at ૨૩ 2.8 an ounce, up from 2.15. Platinum was trading at ૯૪૨ 6 an ounce, up from 50 an ounce, while palladium was trading at ૨૩૩ 61 an ounce.

In the domestic currency market, the dollar lost five paise to close at Rs 8.10. The pound jumped 3 paise to Rs 2.09 while the euro gained 15 paise to close at Rs 2.09.

Crude oil was strengthening in the world market as a sign of economic recovery. Crude oil was gaining strength after reports of a rocket attack on oilfields in Jeddah by a group from Yemen. In addition, OPEC's current refusal to increase production has also supported crude oil prices. New York crude was trading at ૯ 2.50 a barrel, while Brent was trading at 2.50.