Gold-silver move ahead amid a look at the Federal Reserve meeting

(Gujarat News Office), Mumbai, Ta. Monday, January 25, 2021

Mumbai Gold-Silver market today continued to advance in both precious metals. The world market was showing strength. Global players, however, were now keeping an eye on the Federal Reserve's meeting in the US this week. The meeting, which began on Tuesday and will end on Wednesday, is now looking at the Stimulus package and what the US economy looks like.

Meanwhile, the dollar and the euro remained soft in the Mumbai currency market today. When the British pound was lifted. There was also talk of increasing Chinese demand for gold in the world market ahead of the New Lunar New Year celebrations in China. Meanwhile, with the resurgence of corona virus cases in various countries, there has been a huge increase in market players.

There have also been indications that the new US administration has urged China to improve relations with Taiwan. There was news that prices continued to move amid buying of funds in global gold as the dollar index fell in global markets.

Meanwhile, gold rose by ૮૫૬ 15 an ounce to ૮૬૩ 16 an ounce in global trade today, while silver rose by ૫ 2.50 to ૬૩ 4.5 an ounce. Platinum rose by 1,109 to ૪ 1,115 this evening, while palladium fell from ૨૩૬૨ 8 to ૨૩૬ 60.

Global gold futures, however, showed signs of declining. Gold holdings in US gold ETFs fell by 115 tonnes. Global gold prices are expected to hover between થી 150 and 120, analysts said.

Meanwhile, in the Mumbai market, gold excluding GST today closed at Rs 815 per 10 grams, up from Rs 800 per 10 grams, closed at Rs 715, up from Rs 900 per gram, closed at Rs 316 per kg and Rs 215 per kg. At Rs 200, it was closing at Rs 200, while the prices of these two precious metals were three per cent higher against GST. Meanwhile, Ahmedabad silver was trading at Rs 8,000, gold at Rs 31,000 at Rs 2.50 and Rs 21,500 at Rs 8.50 today.

In the Mumbai currency market, the dollar fell to Rs 4.5 against the rupee today, closing at Rs 4.5, down four paise. The rupee appreciated in the currency market today despite the stock market crash. However, the British pound gained three paise to Rs 2.7 today, while the euro lost 15 paise to Rs 4.5.

Meanwhile, world crude oil prices were quoted at half a per cent higher this evening. New York's main contract, light sweet crude for delivery in New York, was at ૪૮ 6.5 a barrel and Brent crude was trading at ૫૮ 4.5 a barrel. Global copper prices were showing a slow decline in the evening.