Rupee tumbles against major global currencies: Moderate improvement in gold

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(By commerce representative) MUMBAI: Gold prices rose on the first day of the week in the domestic market today, despite a retreat in the global gold market, while silver remained steady compared to last weekend. The dollar had risen above Rs 5. The rupee came under pressure as crude oil prices continued to rise. The dollar has seen a one-year high.

In the Mumbai local jewelery market, gold at Rs 2.50 per 10 grams, which was Rs 70 excluding GST last weekend, rose to Rs 215 today. Gold rose by Rs 30 to close at Rs 3,105. Prices were set three per cent higher with GST.

Silver, which closed at Rs 31,600 per kg last weekend, remained steady at Rs 31,050 today.

Ahmedabad gold closed at Rs 200 with GST of Rs 2.50 and Rs 500 at Rs 8.50. Ahmedabad silver was trading at Rs 200 per kg. At વિશ્વ 18 an ounce, gold fell marginally to ૭૫૪ 15 an ounce in late trade today, while silver fell to ૨૨ 2.50 an ounce from ૬૮ 2.8 an ounce.

The rupee came under pressure as crude oil prices continued to rise. The dollar's rise was seen at a one-year high. The dollar, which had closed at Rs 6.5 last weekend, rose to Rs 4.5 today and closed at Rs 4.5. Thus, the dollar has once again jumped to the level of Rs. The pound was up 3 paise at Rs 102.5 while the euro was up 3 paise at Rs 2.09.

New York's main contract, light sweet crude for delivery in New York, was trading at ૮ 61.8 a barrel late last night, while Brent crude, which had closed at ૮૨ 4.5 last weekend, rose to 4.5 a barrel late this evening.

OPEC's decision to cut production at a slower pace than expected was followed by a seven-year high on rising crude prices. On the other hand, there were reports of rising coal and natural gas prices.


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