Precious metals rangebound globally, domestic gold and silver firm

Mumbai: Following the improvement in the precious metal in the global market, gold and silver prices closed higher at home as well. Ahead of next week's meeting of the Federal Reserve, gold has once again shown a level of $2,000 in the world market. Weakness in dollar supported gold prices. Crude oil prices held steady as US stocks fell more than expected. The rupee remained strong against global currencies at home.

The non-GST price of 99.90 ten gram gold in the Mumbai jewelery market, which was Rs 6078 on Tuesday, closed at Rs 60431 on Wednesday, behind the world market. An improvement of Rs 353 was seen in gold. 99.90 gold ten grams was Rs 60189. With GST, the prices were raised by three percent. The non-GST price of silver .999 per kg which was seen at Rs 74,075 on Tuesday closed at Rs 74,200 on Wednesday. There was a modest improvement of Rs 125 in silver.

Ahmedabad 99.90 gold was priced at Rs 62,200 per ten gram while 99.50 gold was priced at Rs 6,200 per ten gram. Silver .999 per kg used to be Rs 74500.

Gold is seeing range bound in the world market. It rebounded from Tuesday's lows of $2002 per ounce and settled at $1996 late in the evening. Silver was quoted at $25 per ounce. Another precious metal platinum was at $1105 while palladium was at $1523 per ounce. The dollar index fell to 101.33 and the fund bought gold.

Despite crude oil stocks falling more than expected in America, crude oil prices did not find support. Stocks were reported to have declined by 61 lakh barrels against expectations of 15 lakh barrels. A decline in stocks indicated that consumption in the US is rising. However, Nymax WTI crude oil was quoted at $76.96 per barrel while ICE Brent crude oil was quoted at $80.33.

The rupee remained strong against global currencies in domestic money markets. The dollar fell by 17 paise to Rs 81.76, the pound fell by 15 paise to Rs 102.01 and the euro fell by 11 paise to Rs 90.26.