Following the strengthening of the rupee, the slowdown in gold continued

(By commercial representative) Mumbai, Ta. 30 December 2020, Wednesday

The rupee strengthened against the dollar in early trade, pushing gold prices lower in the Mumbai market. Silver remained stable. With one day to go before the end of the calendar year 2020, the price of precious metals in the world market has been fluctuating narrowly. The UK saw a slow improvement in crude oil allowing Oxford vaccines. At the end of the year, the cryptocurrency Bitcoin hit a new record high of 500.

At home, the GST-free price of 10 grams of gold in the Mumbai market, which was Rs 4 yesterday, was slightly lower at Rs 21. The price of 3.50 had fallen from Rs. Prices were three per cent higher with GST. Silver. The price of one kg of GST excluding GST was Rs. Silver was seen above Rs. Prices were quoted three per cent higher with GST.

Ahmedabad silver fell by Rs 200 to Rs 200. Gold fell by Rs 100 to Rs 31,600 per ten grams at Rs 2.50 and Rs 21,300 to Rs 9.50 per ten grams.

Gold was quoted at ૮૭૮ 15 an ounce in the global market late at ૮૭૯ 18 an ounce, while silver was quoted at ૨૬ 2.4 an ounce, up from ૨૩ 2.8. Other precious metals, such as platinum, saw a sharp rise in prices. The price per ounce rose from ૪૩ 105 to ૬૩ 105, while palladium fell from ૨૩૪૭ 3 to ૨૩૪૪ 3. Platinum has taken off as industrial demand grows.

In the Mumbai currency market, the dollar was down 19 paise at Rs 2.8, the pound was up 3 paise at Rs 2.3 and the euro was down 3 paise at Rs 2.7. With the full implementation of Brexit coming into effect on January 1, the pound continues to strengthen.

Britain saw a slow improvement in crude oil allowing the Oxford vaccine against corona for emergency use. New York crude was trading at ૪૭ 4.5 a barrel, while Brent was trading at 21.5. Crude oil is showing resilience in anticipation of rising demand in 2021.