Weakness in gold and silver: Decline in crude as the war draws to a close

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MUMBAI: Gold and silver prices remained soft in the global market over the weekend, with prices falling privately in the domestic closed market on Saturday. World markets on Friday saw a sharp fall in the price of the precious metal, following reports that Russia and Ukraine will be on the negotiating table.

At home, the Mumbai gold and silver market was closed on Saturday, but behind the world market, private prices were quoted lower than on Friday.

Gold was quoted at Rs 30,800 per ten grams excluding GST and Rs 30,100 per 2.50. Prices were quoted three per cent higher with GST. Silver also traded at Rs 200 per kg in the closed market, market sources said.

In Ahmedabad, silver was priced at Rs 2,000 per kg. While gold was quoted at Rs 2.50 per ten grams, Rs 31,200 and Rs 2.50 per gram.

Gold for immediate delivery closed at ૮૮૯ 17.8 an ounce and silver at ૨૭ 4.5 an ounce on Friday. Palladium, another precious metal, was trading at ૭૨ 6.5 an ounce, while platinum was trading at ૫૯ 104.5 an ounce.

Brent crude was trading at ૯૩ 6.5 a barrel, while Nymex was trading at 61.8 a barrel on Friday. The money market was officially closed on Saturday but in private, the rupee strengthened. The dollar had lost Rs 6.15 to close at Rs.

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