Mumbai: The impact of the so-called fall in the prices of gold and silver in the global market was seen on the price of the precious metal domestically. Inflation in the US rose in line with market expectations in October and the dollar strengthened. Gold and silver declined due to the strength of the dollar.
Expectations of an interest rate cut at the Federal Reserve’s December meeting have increased as Trump’s economic policies are unlikely to be implemented immediately.
Domestically, in Mumbai market, silver has become more than Rs 2,600 while gold has become more than Rs 1,500. In Ahmedabad, silver fell by Rs 3500 compared to Wednesday. Crude oil gained strength amid mixed news.
In the domestic market, gold fell by Rs 1,521 at 99.90 per ten grams in Mumbai market compared to Wednesday and was quoted at Rs 73,739 excluding GST. Prices increased by three percent due to GST. The price of 99.50 ten grams of gold was Rs 73444 without GST. Prices were said to be three percent higher due to GST. Mumbai silver .999 per kg fell by Rs 2644 to Rs 87103 without GST. With GST, prices were said to be three percent higher.
In the jewelery market of Ahmedabad, the price of gold of 99.90 per ten grams was Rs 76,500 while the price of gold of 99.50 per ten grams was Rs 76,300. In Ahmedabad, gold reached Rs 1,300 per ten grams, while silver prices fell by Rs 3,500 to Rs 88,000 per kg on Wednesday.
In the global market, gold was high at $ 2554 per ounce, while silver was quoted at $ 30.05 per ounce. Platinum was at $936 an ounce while palladium was at $931.83 an ounce. Stability was observed in the prices of both the metals. Global gold prices were trading at their lowest level in more than eight weeks.
Crude oil prices strengthened amid mixed reports. The International Energy Agency projects crude supplies will rise through 2025, while the American Petroleum Institute last week reported a decline in inventories of 777,000 barrels. Nymax WTI crude oil was at $68.91 per barrel while ICE Brent crude oil was at $72.78 per barrel.
