Mumbai: Domestic precious metal prices remained marginally volatile amid volatility in global precious metal prices. Marketers say that demand in the retail sector is still low while prices are still relatively high. Dollar exchange rates announced by customs authorities for calculating import duty on gold and silver.
Crude oil prices also stabilized in the lower part of the week. The rupee had mixed movements against global currencies. The dollar index weakened after US employment data came in weaker than expected. Analysts said that due to weak employment data, the possibility of interest rate cuts in America has increased.
The non-GST price of gold in the Mumbai jewelery market was Rs 99.90 per 10 grams, which was Rs 71,327 on Thursday, before falling marginally to Rs 71,191 over the weekend. 99.50 per ten grams, the price became Rs 70906. Without GST, prices were 3 percent higher. The non-GST price of silver at Rs.999 per kg, which was Rs 79,719 on Thursday, ended the week marginally higher at Rs 79,989.
The customs authority on Thursday fixed the dollar exchange rate for importers at Rs 84.35.
In Ahmedabad market, the price of ten grams of gold at 99.90 was Rs 73,500, while the price of ten grams of gold at 99.95 was Rs 73,300. The price of silver .999 per kg used to be Rs 80,000 per kg.
In the global market late in the evening, gold fell below $ 2300 an ounce to $ 2298, while silver was quoted at $ 26.38 an ounce. However, due to weak employment data in America, gold rose again and crossed $2300.
Crude oil remained stable at weekly lows. India’s crude oil imports were eight percent lower in April compared to March. The price of Nymax WTI was at $79.22 per barrel while ICE Brent crude was at $84.03 per barrel. Among global currencies, the rupee gained marginally against the dollar. The dollar fell 4 paise to close at Rs 83.43. The pound rose 33 paise to Rs 104.79 while the euro rose 28 paise to Rs 89.62.
The number of new jobs in America increased to 1.75 lakh in April, while the expectation was an increase of 2.50 lakh.
