Gold and silver fall in global markets following stop-and-wait policy by funds

Dollar index rises to two-month high: Crude pulls back from higher head

Mumbai: Global investors have now adopted a wait-and-see policy due to the ongoing impasse on raising the debt ceiling in the US, a resurgence in corona cases in China and reports of Germany slipping into recession. In the minutes of the May meeting of the American Federal Reserve, there is no clear indication regarding the interest rate, even in the choice between gold and the dollar, investors are moving slowly. The dollar index rose to a two-month high.

Global gold and silver declined significantly on higher-headline profit booking. Crude oil retreated while the rupee halted its appreciation against the dollar in local money markets.

Gold and silver prices retreated again at home. In the Mumbai jewelery market, the price of gold at 99.90 per ten grams without GST fell to Rs 60361. The price of 99.50 per ten grams was Rs 60119. With GST, the prices were raised by three percent. The price of silver .999 per kg without GST was Rs 70284. Gold of 99.90 was quoted at Rs 62,300 per ten gram and Rs 62,100 per ten gram of 99.50 in the Ahmedabad market. Silver .999 per kg used to be Rs 71500. The minutes of the Federal Reserve's May meeting announced on Wednesday have left fund houses in a state of limbo as there is no clear indication as to whether interest rates will be hiked or will remain unchanged. In addition, the impasse over raising the debt ceiling in the US continued. Due to which Sonachandi is seen having a profit booking strategy at a high level. In the world market, gold rose to 1939 dollars per ounce and in the late evening 1947 dollars while silver was priced at 22.94 dollars. The dollar index rose to a two-month high of 104.16.

In addition to the recession in Germany, the report of an increase in Corona cases in China again saw a retreat from the higher head in crude oil. In crude oil, Nymax WTI was quoted at $72.86 per barrel while ICE Brent was quoted at $76.93 per barrel.

At home, the rupee's correction against the dollar stopped in the forex market. The dollar increased by 6 paise to 82.73 rupees, the pound remained stable at 102.39 rupees, while the euro decreased by 28 paise to 88.78 rupees.