Global gold breaks below $1900: softening at home

-


MUMBAI: The local Mumbai jewelery market remained closed on the occasion of Eid-ul-Fitr, but the global market saw a dip in the precious metal late in the evening, while private gold was soft in the Mumbai jewelery market. Global gold slipped below $1,900. Global gold touched a 17-and-a-half month low. . Gold has fallen by more than $150 from a high of $2,050 per ounce in May of the current year.

A better-than-expected economic growth rate in the US for the June quarter put pressure on the precious metal and the dollar index rose. Crude oil remains range bound amid conflicting factors. The domestic forex market remained closed due to the bank holiday, but the closed market saw the dollar rise against the rupee.

In the Mumbai jeweler's market, gold was priced at Rs 57,950 per ten gram without GST at 99.90 and Rs 57,700 at 99.50. With GST, the prices were raised by three percent. The price of silver 999 per kg without GST was Rs 68900 in private. With GST, the prices were raised by three percent.

In the Ahmedabad market, gold of 99.90 ten grams was priced at Rs 60,100 while that of 99.50 was priced at Rs 59,900. Silver .999 per kg used to be Rs 70,500.

US Federal Reserve Chairman Jerome Powell did not rule out the possibility of an interest rate hike at the Fed's next meeting. In addition, better-than-expected US June quarter GDP estimates strengthened the dollar index and pressured the precious metal. Global gold was trading at $1,897 per ounce late in the evening after the release of GDP estimates, while silver was quoted at $22.44 per ounce. The dollar index rose to 103.30.

Crude oil was softening on account of declining demand due to increase in interest rates by several European countries including the US. Nymax WTI was at $69.60 per barrel while ICE Brent crude oil was at $74.03 per barrel. On one hand, there were reports of falling crude stocks in the US, while on the other hand, crude oil remained range bound amid expectations of a fall in demand due to economic slowdown due to the increase in interest rates. Domestic forex market remained closed, but privately, the dollar rose by 10 paise to 82.12 rupees compared to Wednesday.


Comments

Post a Comment

Popular posts from this blog

Due to the ban, employment and economic activity declined by two to three percent

-
Image
New delhi date. October 7, 2019, Monday A new study has found that employment and economic activity have declined by two to three percent due to the ban. A similar situation has been observed in bank lending. The study found the decline to occur within two months of the notation announced on November 7. This is the first research on demineralization in which data on the effects of districts across India were collected. In addition to the districts, the effect of national level was also studied. Previous studies only examined the national level effect of demonitization. Thus, a full estimate of the overall effect is not known. As a result of the shortage of cash arising out of the blockade, the country's economic activity fell by approximately 8 percent in November-December 2 In the October-December period, bank credit has seen an impact of around two per cent. Cash pulls have impacted demand for a short period. The study found that there was a strong link between money and pro...
Read more

Information about soymilk and casein products

-
Image
- Industrial guidance - Dhiru Parekh Soymilk: Soybeans are converted to high-quality protein. So that high quality drinks can be made which can be easily digested. There is no difference between soymilk and cow's milk. So the conservative industries of milk processing are now using this milk to make yogurt and ice cream. Consumers also cannot tell the difference between ice cream made from cow's milk and from soy milk. Also, the production capacity of soy milk can be increased than that of cow's milk. And the price can be cheaper. Soybeans mainly contain two types of enzymes that are inactivated in the soymilk process. Leukoxidase that catalyzes the oxidation of fatty acids. And enzymes like pepsin, trypepsin are included in it. Which helps in digesting protein. Soyamilk powder manufacturing process: This is an electric pre-heater system. which basically allows fluid to flow easily in a stationless tube under low-voltages. which absorbs the energy flowing through the Ja...
Read more

The brokerage firm objected to SEBI's new proposal regarding Algo Trading

-
Image
MUMBAI: Brokerage firms and fintech companies have objected to market regulator SEBI's discussion paper considering all stock trading orders issued through Application Programming Interface (API) as separate trading, saying it could adversely affect the growth of such trading from India. Algo trading is considered to be an automatic buying-selling system based on algorithms. SEBI has recently said in a discussion paper that it would create a framework for regulating Algo trading by retail investors. A senior official of a brokerage firm said that monitoring of Algo trading is a need of the hour, but such an attempt could hamper the growth of Sebi Algo trading. He added that if the suggestions made in the SEBI discussion paper were implemented, it would be difficult for brokers to make the API available. About 70% of the daily trading volume in Indian stock markets is transacted through advanced forms of algo trading. Algo Trading came to India in the year 2006, but then only se...
Read more