Big swings in precious metals globally, slow recovery at home

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MUMBAI: Global gold and silver witnessed significant volatility ahead of the proposal to raise the debt exemption limit in the US before the Congress for approval on Wednesday. Gold rebounded after falling to a two-month low. Some Republicans have expressed concern about voting against the proposal.

Precious metal prices were bullish at home as well behind the world market. The dollar firmed on expectations that the US Federal Reserve would raise interest rates. Global crude oil retreated from highs.

At home in the Mumbai market, the price of ten grams of 99.90 gold rose to Rs 60,402 without GST. 99.50 per ten grams without GST, the price was Rs 60160. With GST, the prices were raised by three percent. The price of silver .999 per kg without GST was Rs 70861.

Ahmedabad 99.90 gold was priced at Rs 62,300 per ten gram while 99.50 gold was priced at Rs 62,100 per ten gram. The price of silver 999 per kg was Rs 71500.

Gold saw big swings ahead of a proposal to raise the debt relief limit in the US before Congress on Wednesday for approval. Gold was quoted at $1957.74 per ounce at a low of $1932.15 and a high of $1959.14 per ounce. Silver was priced at $23.25 per ounce. Another precious metal was platinum at $1,041 per ounce while palladium was at $1,418.

Nymax WTI crude oil settled at $71.68 per barrel while ICE Brent crude oil settled at $75.75 per barrel. The rupee had a mixed flow against global currencies. The dollar increased by 7 paise to 82.71 rupees while the pound improved by 14 paise to 102.14 rupees. Euro fell by 4 paise to Rs 88.50.

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