Gold-silver sharp rise: World market at eight-year high

(By Commercial Representative) Mumbai, Ta. Monday, June 22, 2020

The Mumbai jewelery market today witnessed a new surge in gold-silver prices as the global market rallied. Global gold prices rebounded to an eight-year high today on rising global demand for gold funds amid fears that the global economy could be hit by the resurgence of corona infestation in various countries, including the United States. Behind the global market, prices of precious metals were also seen rising on the back of rising import costs.

Gold prices in the world market jumped from 17 1744 an ounce to મો 1763 late this evening. Behind gold, silver rose by 18 17.62 an ounce to 18 18.00 an ounce.

In the Mumbai market, gold prices without GST jumped from Rs 47,800 per 10 grams to Rs 48,300 in the late evening, while gold prices of 99.90 per gram rose from Rs 47,950 without GST to Rs 48,450 today. While the price with GST was quoted around Rs 1,400 higher than this price.

Meanwhile, silver prices in the Mumbai market today rose by Rs 48,600 per kg excluding GST of Rs 999 to Rs 49,200 in the evening, while prices with GST were Rs 1,400 higher and silver with GST was quoted at Rs 50,600.

Amid rising corona infestation in the world market and the possibility of further hitting the US economy, the world market witnessed a sharp fall in the value of the dollar against various currencies today, followed by a surge in gold prices in the world market. Platinum prices were reported to have risen from 83 836 to 7 837 an ounce in the evening and palladium from 30 1930 to 1 1931.

In the Mumbai currency market, the dollar fell from Rs 76.19 to Rs 76.02 against the rupee today and closed higher at Rs 76.02. In the late evening, the dollar was trading higher at Rs 75.80. Experts were pointing out that the price of gold in the world market is likely to rise to 18 1800 soon.