Gold and silver continued to recover at a slower pace

MUMBAI: The initial estimates of US GDP for the first quarter of the current calendar year showed economic growth at 1.10 percent year-on-year, while the expectation was more than two percent. In the last quarter of 2022, the GDP figure was 2.60 percent. Thus, the GDP numbers in the first quarter of 2023 have been weak.

However, the weak GDP numbers due to other figures such as consumer spending and high inflation did not have a significant impact on gold prices.

The weak data has raised the possibility of an implied slowdown in the economy, prompting calls for the US Federal Reserve to hold off on raising interest rates. Investments in gold as a safe haven by global funds supported rising prices while the dollar remained weak. On the domestic front, precious metals also saw an improvement.

Crude oil is also looking bearish on the assumption of recession. Current prices are seen at a one-month low. Domestically, the rupee depreciated modestly against the dollar.

The improvement in gold and silver in the Mumbai market was slow. The non-GST price of 99.90 ten grams of gold, which had closed at Rs 60,431 on Wednesday, rose to Rs 60,515 on Thursday. 99.50 gold ten grams was Rs 60273. With GST, the prices were raised by three percent. The non-GST price of silver .999 per kg which closed at Rs 74,200 on Wednesday rose by Rs 215 to close at Rs 74,415 today.

In the Ahmedabad market, 99.90 gold was priced at Rs 62,400 per ten gram while 99.50 gold was priced at Rs 62,200. Silver .999 per kg remained stable at Rs 74500.

In the world market, gold was quoted at 1989.18 dollars per ounce and up to 2003 dollars by late evening at 1998 dollars. Silver was quoted at $25.05 per ounce. Gold prices hit around $2000. As a safe haven fund, gold has seen a slow uptake.

US crude oil stocks fell more than expected, but fears of a recession are not supporting prices. Crude oil prices are currently trading at a one-month low.

Nymax WTI crude oil was at $74.67 per barrel while ICE Brent crude oil was at $78.08 per barrel.

In the domestic money market, the dollar increased by seven paise to Rs 81.84. The pound fell by 11 paise to Rs 101.85 while the euro gained five paise to Rs 90.32.