Saudi Arabia announces production cuts: Crude crosses 54 54

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(By commercial representative) Mumbai, Ta. 06 January 2021, Wednesday

Crude oil prices rose after Saudi Arabia announced a cut in crude oil production. Prices were found to have crossed ૫૪ 8. Official gold and silver prices remained high but private prices fell behind the world market late in the evening. In the Mumbai market, silver, excluding GST, crossed Rs 30,000. The dollar was weakening in the local currency market.

At home, gold in the Mumbai market traded modestly higher at Rs 915, up from Rs 315 per ten grams of gold, excluding GST. The price of Rs 4.50 was Rs 315 and Rs 2140. Prices with GST were quoted three per cent higher.

Silver.2 The price of a kilogram was Rs. Prices with GST were quoted three per cent higher. After the market closed, silver in Mumbai fell to around Rs 500 in private. Gold also saw sluggish prices behind silver. Private prices declined here as prices in the world market softened.

In Ahmedabad, silver was officially down by Rs 500 to Rs 200, while gold was up by Rs 150 to Rs 200 per ten grams at Rs 2.50 and Rs 500 at Rs 9.50.

In the world market, the price of gold, which was 15 an ounce, went up to ૯૫૫ 15 and was trading at ૯૪૮ 16 late in the evening. Silver was trading at 4.50 an ounce, up from ૪૫ 4.50 an ounce. Platinum was trading at ૮૭ 103 an ounce, while palladium was trading at ૨૪૩૭ 8 an ounce.

In the domestic currency market, the dollar fell by 3 paise to Rs 5.11. The pound gained 9 paise to close at Rs 2.8 and the euro gained 21 paise to close at Rs 70.31.

Crude oil bounced back to a ten-month high. Crude oil sparkled after Saudi Arabia announced a daily production cut of one million barrels in February and March. The Saudis have made the cut voluntarily. Iran had reportedly seized an oil vessel from South Korea.

Iran said the vessel was seized because it was carrying a large amount of money from South Korea. New York's main contract, light sweet crude for delivery in late evening trade, was trading at ૫ 60.05 a barrel, while Brent was trading at 4.0 a barrel, hitting 4.0 a barrel.


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