Mumbai: Prices in the global market remained stable at the end of the week, while prices in the closed market in Mumbai were slightly higher than on Friday. The atmosphere was silver. However, an improvement of Rs 1000 was seen in Ahmedabad silver. After weak employment data in America, gold prices were seen weak in the global market at the end of the week, but due to short covering at lower levels, the prices rose again and gold remained at the level of $ 2300.
Currency markets remained closed on Saturday, but privately the rupee was marginally stronger against the dollar. A sharp fall in crude oil was seen over the weekend.
The local Mumbai jewelery market remained closed on Saturday, but private prices were slightly higher than Friday’s official closing prices. Without GST, the price of 99.90 ten gram gold was Rs 71,250 while the price of 99.50 gold was Rs 71,000. Prices increased by three percent due to GST. Silver was quoted at Rs.999 per kg without GST at Rs 79975. Prices increased by three percent due to GST.
In the jewelery market of Ahmedabad, the price of 99.90 per ten gram gold was Rs 73,500 and the price of 99.50 per ten gram gold was Rs 73,300. Prices remained stable compared to Friday. Ahmedabad silver .999 rose by Rs 1,000 to Rs 81,000 per kg.
Meanwhile, in the world market, gold ended the week at $2,277 an ounce and topped at $2,320 and finally closed at $2,301 after the employment data in the United States. Silver touched a low of $26.12 and a high of $26.87 an ounce and finally closed at $26.55.
In crude oil, Nymax WTI prices ended the week at $78.11 per barrel, while ICE Brent crude closed at $82.96 per barrel.
If high interest rates in America continue for a long time, economic activities will weaken, which may impact the demand for crude oil.
The local currency market was closed for the day on Saturday but the dollar traded marginally at Rs 83.42. Domestically, the dollar was said to be at a lower level due to the weakening of the dollar index.
