Gold retreats modestly from all-time highs: Ahmedabad silver steady

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- Rupee continues to depreciate against global currencies: Crude oil prices firm

MUMBAI: Gold prices retreated from highs at home on Monday after hitting new all-time highs earlier in the week. Silver also softened behind gold. Prices were bearish due to rising profit booking in the world market as well. The rupee continued to erode against global currencies. Decline in the country's exports and selling of foreign funds in Indian equities has again put pressure on the rupee.

On the other hand, crude oil had an eye on the OPEC meeting. Crude oil prices were initially lower on weak economic growth data from China, but firmed again on Tuesday.

In the domestic Mumbai market, the price of gold excluding GST at Rs 99.90 per ten gram, which touched a new high of Rs 56,883 on Monday, fell marginally behind the global market to close at Rs 56,752 on Tuesday, while the price of Rs 99.50 per ten gram stood at Rs 56,525. With GST, the prices were raised by three percent. The price of silver .999 per kg came down to Rs 69,000 and was Rs 68,661 without GST. With GST, the prices were raised by three percent.

In Ahmedabad jewelry market, the price of ten grams of gold of 99.90 was Rs 58300 while the price of 99.50 was Rs 58100. Silver remained stable at Rs 69,000 per kg at 999. In the world market, the price of one ounce of gold on Tuesday was 1919 dollars high and 1904 dollars low on Tuesday and was quoted at 1912 dollars late in the evening. Silver fell to under $24 and was trading at $23.95 an ounce late in the evening and back at $24.07. Global markets reported profit booking at the higher end. There is also a picture of players shifting to other riskier assets like cryptos.

In December, there was a sell-off in rupees due to a 12 percent drop in exports in the current account deficit. The dollar increased by 15 paise to 81.77 rupees, the euro increased by 18 paise to 88.50 rupees and the pound increased by 16 paise to 99.73 rupees. Brent crude oil was 85.36 dollars per barrel while Nymax crude oil was 80 dollars.

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