Gold firm while silver Rs. 1500 drop possibility of recession as crude falls

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Mumbai

Globally, gold and silver were waiting face to face as the possibility of a recession increased due to weak retail sales figures in the US. Gold prices sustained highs while silver fell on expectations of a slowdown in industrial demand. US retail sales figures for December were at a one-year low, leading to concerns about a fall in manufacturing output.

Crude oil prices remained under pressure on expectations that production cuts would affect crude oil demand. Rising crude oil stocks in the US also had an impact on prices. The rupee saw mixed flows against major global currencies.

At home, gold prices remained firm in the Mumbai market. 99.90 per 10 grams without GST, the price stood at Rs 56670. 99.50 The price without GST of ten grams was Rs 56443. With GST, prices were said to be three percent higher. Silver .999 was traded at Rs 67,444, down by Rs 1,548 per kg compared to Wednesday.

The price of Ahmedabad Gold 99.90 was Rs 58300 per ten gram while the price of ten grams of 99.50 was Rs 58100. The price of silver .999 per kg was Rs 68000.

Gold was quoted at $1907 per ounce in the world market while silver was priced at $23.40 per ounce. Industrial production was expected to decline due to low December retail sales numbers in America. Another precious metal platinum fell by 14 dollars to 1026 dollars while palladium fell by 11 dollars to 1709 dollars. Industrial demand for the precious metal may also remain subdued.

Domestically, the dollar rose by 11 paise to Rs 81.36 against the rupee, while the pound fell by 6 paise to Rs 100.35 and the euro fell by 48 paise to Rs 87.84.

Crude oil fell on expectations of weakening industrial demand. Crude oil stocks rose in the US, putting pressure on prices. Brent crude oil was quoted at $84.56 per barrel while Nymax crude oil was quoted at $79.02.

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