Slow recovery in precious metals: Silver touches Rs 70,000 in Mumbai market
Mumbai: The precious metal is currently in a consolidation mood after rallying in the global market for the past few weeks, due to which gold and silver prices are firming domestically as well. Due to the year ending, traders are also seen to be staying away from new business. The rupee weakened against major global currencies. There was a break in the rupee's correction against the dollar. Crude oil prices were bullish on expectations of a demand glut amid tight supplies.
Rupee breaks two-day rally against dollar: Crude firm
At home in the Mumbai jewelery market, the non-GST price of 99.90 ten grams of gold rose by Rs 370 to Rs 59,335 compared to yesterday, while the price of 99.50 ten grams of gold was Rs 59,097.
With GST, the prices were raised by three percent. The price of silver 999 per kg without GST was increased by Rs 500 to Rs 70,000. With GST, the prices were raised by three percent.
In the Ahmedabad market, gold at 99.90 per ten grams rose by Rs 300 to Rs 61,000 while 99.50 per ten grams was priced at Rs 60,800. Silver .999 per kg used to be Rs 70,500.
In the world market, gold was quoted at $1965 per ounce while silver was quoted at $23.20 per ounce.
After the rally of the last few weeks, the prices of both the precious metals are currently consolidating, market circles said. As the month of March draws to a close, the market will be watching the employment data released next week. Another precious metal, platinum, was at $956 per ounce, while palladium was at $1,438.
Crude oil prices maintained a steady trend with modest improvement. Nymax crude oil was 73.90 dollars per barrel while Brent crude oil was 79.20 dollars. Prices improved on indications that a Norwegian oil firm would stop production in Kurdistan and crude oil inventories in the United States fell by 6 million barrels.
The rupee continued to weaken against major global currencies at home. The two-day correction in the rupee against the dollar was interrupted. The dollar increased by 14 paise to Rs 82.34, while the pound increased by 70 paise to Rs 101.69 and the euro increased by 48 paise to Rs 89.39.
Slow recovery in precious metals: Silver touches Rs 70,000 in Mumbai market
Mumbai: The precious metal is currently in a consolidation mood after rallying in the global market for the past few weeks, due to which gold and silver prices are firming domestically as well. Due to the year ending, traders are also seen to be staying away from new business. The rupee weakened against major global currencies. There was a break in the rupee's correction against the dollar. Crude oil prices were bullish on expectations of a demand glut amid tight supplies.
At home in the Mumbai jewelery market, the non-GST price of 99.90 ten grams of gold rose by Rs 370 to Rs 59,335 compared to yesterday, while the price of 99.50 ten grams of gold was Rs 59,097.
With GST, the prices were raised by three percent. The price of silver 999 per kg without GST was increased by Rs 500 to Rs 70,000. With GST, the prices were raised by three percent.
In the Ahmedabad market, gold at 99.90 per ten grams rose by Rs 300 to Rs 61,000 while 99.50 per ten grams was priced at Rs 60,800. Silver .999 per kg used to be Rs 70,500.
In the world market, gold was quoted at $1965 per ounce while silver was quoted at $23.20 per ounce.
After the rally of the last few weeks, the prices of both the precious metals are currently consolidating, market circles said. As the month of March draws to a close, the market will be watching the employment data released next week. Another precious metal, platinum, was at $956 per ounce, while palladium was at $1,438.
Crude oil prices maintained a steady trend with modest improvement. Nymax crude oil was 73.90 dollars per barrel while Brent crude oil was 79.20 dollars. Prices improved on indications that a Norwegian oil firm would stop production in Kurdistan and crude oil inventories in the United States fell by 6 million barrels.
The rupee continued to weaken against major global currencies at home. The two-day correction in the rupee against the dollar was interrupted. The dollar increased by 14 paise to Rs 82.34, while the pound increased by 70 paise to Rs 101.69 and the euro increased by 48 paise to Rs 89.39.
dollar | + 14 paise | 82.34 |
pound | + 70 paise | 101.69 |
Euro | + 48 money | 89.39 |
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