Wide fluctuations in gold and silver at home

MUMBAI: The appeal of buying the precious metal as a safe haven is waning following reports of a fast easing of banking conditions globally. Prices are not holding at the highs and are seeing narrow fluctuations. Behind the global market, there was moderate fluctuation in gold and silver at home as well. Against global currencies, the rupee continued to appreciate against the dollar while the rupee remained soft against other currencies. Crude oil prices remained firm on concerns of supply disruptions.

At home in the Mumbai market, the price of 99.90 ten grams of gold without GST was Rs 58,965 while the price of 99.50 was Rs 58,661. With GST, the prices were raised by three percent. The price of silver .999 per kg without GST was Rs 69500. With GST, the prices were raised by three percent. In the Mumbai market, both the precious metals saw modest growth compared to Monday.

In the Ahmedabad market, gold was quoted at Rs 60,700 per ten gram at 99.90 whereas the price of 99.50 was quoted at Rs 60,500. Compared to Monday, the prices were kept lower by Rs 300. Silver .999 remained stable at Rs 70,500 per kg.

In the world market, gold was 1960 dollars per ounce while silver was 23.08 dollars per ounce.

Rupee was mixed against major currencies. The rupee appreciated against the dollar for the second day in a row. The dollar fell by 19 paise to close at Rs 82.19. The euro closed at Rs 88.97, up 29 paise, while the pound closed at Rs 101.22, up 28 paise.

Crude oil prices surged on concerns of supply disruptions from Iraqi Kurdistan. Apart from this, stockists were taking in crude oil on reports of an easing of the banking crisis and an expectation of increased demand from China. Nymax crude oil was quoted at $72.70 per barrel while Brent crude oil was quoted at $78 per barrel.