Mumbai: Sonachandi, located behind Vishwa Bazaar, witnessed marginal losses with light volatility on the first day of the week. Business in the global market appeared slow due to the Christmas holiday. The rupee remained at an all-time low against the dollar. The year 2024 has proved to be profitable for gold and silver compared to other asset classes and investors are optimistic about returns in 2025 as well. Crude oil remained relatively strong.
The non-GST price of gold at Rs 99.90 per 10 gram in the Mumbai jewelery market was marginally lower at Rs 76,194 compared to last week. The price of Rs 99.50 was Rs 75889 per quota. Prices increased by three percent due to GST. Without GST, the price of silver .999 per kg was Rs 87175. Prices increased by three percent due to GST.
On Monday morning, gold opened at Rs 99.90 per ten grams and silver opened at Rs 76,296 per kg and silver opened at Rs 87,430 per kg.
In the jewelery market of Ahmedabad, the price of gold at 99.90 per ten grams was Rs 78,900 and the price of gold at 99.50 per ten grams was Rs 78,700. Silver .999 was sold for Rs 87500 per kg. Prices remained stable compared to Saturday.
In the global market, gold was quoted at $2,618 late in the evening, trading between a low of $2,609.28 and a high of $2,628.14 an ounce. Silver was trading at $29.47 an ounce late in the evening after hitting a high of $29.52 an ounce and a low of $29.32 an ounce. There was lack of volume due to Christmas holidays and trading activity was also sluggish.
The rupee remained at its all-time low against the dollar domestically due to sustained demand from importers and outflow of foreign funds. Against the rupee, the dollar closed the day at Rs 85.53, down from last week’s low of Rs 85.42 and high of Rs 85.60. The pound gained 57 paise at Rs 107.58 while the euro closed 14 paise higher at Rs 89.26.
Crude oil prices were seen relatively stable. Nymax WTI crude oil was at $70.88 per barrel while ICE Brent crude was at $74.39 per barrel.
