The bearish, active short position in the dollar index is at a nine-year high

(By commercial representative) Mumbai, Ta. 29 December 2020, Tuesday

At home, gold and silver prices rose on Monday. Both the precious metals saw a modest decline in prices. However the world market saw firmness in prices. The dollar index has fallen 3 percent this year. The dollar index has become bearish and the current short position is the highest since 2011, indicating a weakening dollar in the coming year. Crude oil prices saw a modest improvement.

At home, the gold price in the Mumbai market was Rs 2.50 per ten grams, excluding GST. The price of 2.20 was set at Rs. Prices with GST were quoted three per cent higher.

Silver. The price of one kg excluding GST was Rs. After the market closed, prices in the private sector fell further to Rs 200. Prices with GST were quoted three per cent higher.

In the Ahmedabad market, gold was quoted at Rs 31,600 per ten grams at Rs 2.50 and Rs 31,800 at Rs 9.50 per ten grams. Silver.2 Rs 200 per kg fell to Rs 200. Gold remained firm in the world market as the US President approved Corona's aid bill.

Gold rose from ૮૭૪ 15 an ounce to ૮૭૯ 17 an ounce, while silver was trading at ૨૬ 4.5 an ounce, up from 2.50 an ounce. Platinum was trading at ૩૩ 103, down from ૩૩ 105, while palladium was trading at ૨૩૪૭ 8, down from 50.

In the global currency market, the downtrend has pushed the dollar index to a short position, the highest since March 2011. The rise in short positions indicates weakness in the dollar in 2021, market sources said.

The rupee strengthened against major global currencies in the domestic currency market. The dollar was down 3 paise at Rs 2.7, the pound was down 21 paise at Rs 2.3 and the euro was down 3 paise at Rs 6.5.

Crude oil showed a slow recovery amid reports of corona vaccine doses being given. New York crude was trading at ૨૬ 4.5 a barrel and Brent was trading at ૫૨ 61.8 a barrel.