Gold and Silver Steady Ahead of US Debt Limit Vote

MUMBAI: Ahead of a vote on a proposal to raise the debt ceiling in the US, gold and silver were flat in the global market while the dollar strengthened to a two-month high. Crude oil fell sharply and fell below $70 on weak manufacturing data in China. Behind the world market, there was a price-fixed atmosphere in gold and silver at home.

At home in the Mumbai market, the price of 99.90 ten grams of gold without GST was Rs 60390, while the price of 99.50 ten grams of gold was Rs 60148. With GST, the prices were raised by three percent. The price of silver .999 per kg without GST was Rs 70,988. With GST, the prices were raised by three percent.

In the Ahmedabad market, gold 99.90 per ten grams remained stable at Rs 62,300 and 99.50 per ten grams at Rs 62,100. The price of silver 999 per kg was Rs 72000.

Gold and silver were flat in global markets ahead of the vote on the US debt ceiling proposal. Silver was quoted at $1959.65 per ounce while silver was priced at $23.29 per ounce. Another precious metal, palladium, fell below $1,400 to quote $1,391 late in the evening. Platinum was priced at $106 per ounce.

Crude oil fell significantly on expectations of a slowdown in demand from China, a major consumer of crude oil, after China's manufacturing sector data weakened in May. Nymax crude oil settled below $70 per barrel at $67.64 while ICE Brent crude oil was at $71.61 per barrel. The meeting of OPEC countries on June 4 is also being watched.

The dollar index rose to a two-month high of 104.47. The rupee continued to depreciate against the dollar. The dollar increased by 9 paise to Rs 82.73. The pound fell by 41 paise to 102.27 rupees while the euro fell by 37 paise to 88.28 rupees. May ended as the worst month of 2023 for the rupee. The rupee has depreciated by one percent against the dollar in May.