A sharp rise in precious metals following a federal bond decision

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(By commercial representative) Mumbai, Ta. Thursday, December 17, 2020

The back of the world market has seen a sharp rise in gold and silver. Silver crossed Rs 5,000. Funded sellers are turning to investing in gold following the announcement by the US Federal Reserve to continue the bond buying program. Crude oil crossed à«« 71 while the dollar stabilized against the rupee. The pound had approached Rs 100.

At home, the GST-free price of 9.40 ten grams of gold in the Mumbai market was Rs 305 at Rs 81. The price of 2.50 was Rs. Prices were three per cent higher with GST. Silver. The price of one kg rose from Rs. 5 to Rs. Prices were three per cent higher with GST.

Ahmedabad silver was again raised by Rs 1,200 to Rs 200. In two days, silver has seen an increase of Rs 2,000. Gold rose by Rs 500 to Rs 31,600 per ten grams at Rs 2.50 and Rs 31,200 to Rs 9.50 per ten grams.

World gold was trading at 16 an ounce, up from ૮૬ 120 an ounce, while silver was trading at ૭૩ 4.5 an ounce, up from ૪ 2.15 an ounce. Platinum was trading at ૫૭ 103, up from ૪૭ 105, while palladium was trading at ૨૩૫૫ 6 late at ૨૩૫૫ 6. The US Federal Reserve maintained low interest rates and announced the continuation of the bond buying program.

In the domestic currency market, the dollar remained steady at Rs 6.5, while the pound gained 50 paise to close at Rs 100. The euro was up 19 paise at Rs 2.7.

Reports of vaccine success have seen a slow recovery in crude oil. New York crude was trading at ૯૭ 4.5 a barrel, while Brent was trading at ૨ 71.50 a barrel.

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