Gold closes below Rs 60,000 in private: Silver improves

- Global crude oil prices firm at the end of the week: dollar strong against the rupee

MUMBAI: The local Mumbai jewelry market remained closed for Saturday, but the private ones waited face to face in Sonachandi. Gold prices fell below Rs 60,000 while silver was quoted higher in private. In the world market, prices closed relatively flat at the end of the week.

As the decision to raise the debt ceiling in the US dragged on, fund houses were also not in a particularly risk-taking mood, indicating narrow price fluctuations. Crude oil remained flat over the weekend on expectations of rising demand and signs of slackening supply. Privately at home, the dollar was said to be strong against the rupee.

The Mumbai jewelery market remained closed on Saturday but gold prices were traded privately below Friday's official close, while silver remained firm. The non-GST price of 99.90 ten grams of gold fell within Rs 60,000 to Rs 59,810 while the price of 99.50 per ten grams was Rs 59,560. The price of silver .999 per kg without GST was Rs 71000.

Ahmedabad gold of 99.90 was quoted at Rs 61,900 per ten gram while the price of ten grams of 99.50 was quoted at Rs 61,700. Silver .999 was sold at Rs 71500 per kg.

Global gold ended the week at $1946.46 per ounce while silver closed at $23.30 per ounce. Platinum closed at $1026.37 while palladium closed at $1426.25 per ounce. With no decision on raising the debt ceiling in America, fund houses are taking a cautious stance.

In crude oil Nymax WTI closed at $72.67 per barrel while ICE Brent closed at $76.95 per barrel. On the other hand, mixed reports that Russia will maintain supplies, indicated that OPEC and its allies will cut crude oil production at the June 4 meeting, while crude oil remained firm. Demand from America is expected in the coming days.

Domestically, the foreign exchange market was closed for Saturday, but privately, the dollar was strong against the rupee. The dollar was quoted around 82.62 rupees.