Gold-silver decline: Global gold falls below 50 1850

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(Gujarat News Office) MUMBAI: The bullion market in Mumbai jewelery market was officially closed today due to Saturday. The weather was mild in the closed market. With the world market prices falling and the import cost falling at home, falling prices in the jewelery market kept sellers high and buyers low. In the Ahmedabad market, gold was trading at Rs 30,600 per 10 grams at Rs 20.50 and Rs 30,600 at Rs 9.50 per 10 grams, while Andavad silver prices fell further by Rs 200 per kg to Rs 200.

In the Mumbai market, the price of silver excluding GST was Rs 200 at Rs 200, while the price of gold without GST was Rs 900 at Rs 2,050 for 2.50 and Rs 2,000 for Rs 8.50. Prices, including GST, were three per cent higher in both the precious metals. In the currency market, the dollar rose further by Rs 4.5 against the rupee in the previous session, market sources said.

Meanwhile, gold prices in the world market fell below ૮૬ 161 to ૮૬૨ 16 an ounce and remained below ૮૫ 150 for the last weekend. Behind gold, global silver prices also fell by ૭૪ 2.7 to ૭૫ 4.5 an ounce, from ૬ 4.31 to ૬૨ 7.5 an ounce.

While the price of platinum fell from ૩૮ 105 to ૩૯ 105 to ૩૩ 105 to ૩૪ 105 to 105. Palladium prices were hovering between ૮૯ 203 and ૯ 4,050, with the price hovering around ૬ 2,031 to ૬૨ 505 over the weekend. Significant growth in gold exports from Switzerland to China led to a new record in monthly exports after June 2016.

The fall in world crude oil prices had a softening effect on global gold. New York's main contract, light sweet crude for delivery in New York, fell sharply to 6.5 a barrel and was last seen trading at ૫૯ 4.5 a barrel, while Brent crude was last seen trading at 4.5 a barrel. Crude prices have fallen 3 to 4 per cent this week.

Crude oil prices have plummeted in Europe as cases of corona have increased and indications have been circulating that various countries will release crude oil from their reserves. Copper, meanwhile, traded higher by 8.10 per cent to 6.15 per cent in global markets over the weekend.


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