2020: Rs 10,900 in gold and Rs 20,700 in silver

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(By commercial representative) Mumbai, Ta. 31 December 2020, Thursday

While the coronavirus has stunted the country's economic growth in 2020, it has provided huge returns to gold and silver investors in the departing year. In the Mumbai jewelery market, gold has earned an annual return of Rs 10,200 per ten grams and silver Rs 30,200 per kg. Corona led to safe haven buying in gold amid economic uncertainty. The rise in global markets has led to a rise in domestic precious metal prices. Gold has lost ડો 50 an ounce a year in world markets. Silver rose more than ડો 11 an ounce.

On the last day of 2013, the price of gold per ten grams was higher at Rs 10,200 today. Silver also closed higher by Rs 30,600 per kg on an annual basis. In the global market, gold rose from ૮ 1,305 an ounce to ૮૯૫ 16 a year and silver rose from 18.5 an ounce to ૨૬ 2.50 an ounce. The global market has seen a boom in one year as a result of fund-safe Safe Haven Buying. In the domestic currency market, the dollar rose to Rs 2.08 from Rs 71.5 in a year.

Meanwhile, in the domestic Mumbai market, the price of 10 grams of gold without GST, excluding GST, rose from Rs 41 yesterday to Rs 4,001 today. Gold closed at Rs 30,605 with a gain of Rs 80. Prices with GST were three per cent higher. Silver also rose by Rs 305 to Rs 5 per kg. Prices with GST were quoted three per cent higher.

In the Ahmedabad market, silver was up by Rs 500 to close at Rs 200 as compared to yesterday, while gold was up by Rs 500 to Rs 31,600 from Rs 2.50 and Rs 21,700 from Rs 7.50.

World gold prices rose to 15 an ounce yesterday from ૮૭૮ 16 an ounce late today, while silver was trading at ૨૬ 2.50 an ounce, up from ૨૭ 4.5 an ounce. As a result of the pullback, platinum rose by ૬૩ 105 an ounce to ૭૮ 105 an ounce, while palladium was trading at ૨૩૮૮ 6 an ounce. Fund buying was taking place in gold as the dollar index weakened.

In the domestic currency market, the dollar fell by 3 paise to Rs 2.09. The pound gained 7 paise to close at Rs 4.5 while the euro fell 20 paise to Rs 2.31.

The world market saw a modest decline in crude oil prices, which are expected to increase by five lakh barrels a day from tomorrow. New York's main contract, light sweet crude for delivery at 4.5 a barrel, and Brent crude traded at 21.05 a barrel.


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