Ahmedabad silver breaks 1500 rupees: Gold also continued to decline

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MUMBAI: Federal Reserve Chairman Jerome Powell's first-day testimony before the Senate Banking Committee on the report on US monetary policy failed to sway the bulls and global gold and silver remained under pressure as the Bank of England hiked interest rates. From the level of 2050 dollars in May of the current year, 130 dollars have gone out in global gold.

Domestic gold and silver prices continued to fall behind the world market. Regarding inflation, Powell's statement strengthened the possibility of an interest rate hike at the July meeting.

At home in the Mumbai market, the non-GST price of 99.90 ten grams of gold eased to Rs 58,654. The price of ten grams of 99.50 was Rs 58419. With GST, the prices were raised by three percent. The non-GST price of silver .999 per kg was Rs 6909, down from Rs 1000. With GST, the prices were raised by three percent.

In the Ahmedabad market, the gold price of 99.90 ten grams was Rs 60,600 while the price of 99.50 ten grams was Rs 60,400. The price of silver .999 per kg was Rs 70,000, down from Rs 1,500 on Wednesday.

Global gold traded higher between $1,935.02 and $1,919.09 an ounce to settle at $1,920 late in the evening. Silver was priced at $22.50 per ounce. Another precious metal, platinum, was priced at $940, while palladium was priced at $1,321. The dollar index was 102.10.

The market was eyeing Jerome Powell's testimony the other day. In crude oil, Nymax WTI was at $71.07 per barrel while ICE Brent crude oil was at $75.65 per barrel. At home, the rupee continued to appreciate against the dollar in the forex market. The dollar fell by 10 paise to 81.95 rupees. Pound increased by 61 paise to Rs 104.80 while Euro gained 62 paise to Rs 90.17.

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