Stability maintained in gold and silver: Dollar falls within 82

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Mumbai: Ahead of the monetary policy review meeting of various central banks of the world within the next fortnight, global gold and silver witnessed a stable environment on the first day of the week. Precious metal prices remained firm at home as well. On the other hand, crude oil is bearish due to uncertain global economic outlook. At home, the rupee had mixed moves against global currencies. The dollar fell within 82 rupees.

Domestic gold remained stable behind the world market. The non-GST price of 99.90 ten grams of gold in the Mumbai jewelery market was modestly soft at Rs 6,081 compared to the end of last week. The price of ten grams of 99.50 was Rs 59840. With GST, the prices were raised by three percent. The price of silver .999 per kg without GST was Rs 74390. A decrease of Rs 383 was observed in silver.

In the Ahmedabad market, gold of 99.90 per ten grams fell modestly to Rs 61,900 while the price of ten grams of 99.50 was Rs 61,700. The price of silver .999 per kg stood at Rs 74,000.

The Bank of Japan is meeting on April 27 while the US Federal Reserve is scheduled to review monetary policy on May 2-3. After that, the meeting of the European Central Bank and the Bank of England is also scheduled. The meeting of global fund houses depends on the stance taken by the central banks on the interest rate issue. In the event of an increase in interest rates, the dollar may strengthen and the possibility of softening in gold is being indicated. In the world market, gold was quoted at 1983 dollars per ounce late in the evening while silver was quoted at 25.08 dollars per ounce.

Crude oil is trending softer amid an uncertain global economic outlook. Despite the announcement of production cuts by OPEC and allied countries, crude oil prices are relatively soft. Nymax WTI crude oil was quoted at $77.68 per barrel while ICE Brent crude oil was quoted at $81.38 per barrel.

In the domestic money market, the dollar fell by 20 paise to Rs 81.91 to within Rs 82.

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