Crude oil closes soft at the end of the week: steady trend in gold and silver

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MUMBAI: Gold and silver prices remained flat at the closed market in Mumbai on Saturday after the precious metal prices rose initially and then closed firm in the global market over the weekend on the report of weak US manufacturing sector estimates for June and flat services sector. Global crude oil ended the week soft. In private, the dollar remained firm against the rupee.

In the Mumbai jewelery market, which was closed for Saturday, gold and silver prices remained stable behind the world market. The price of 99.90 ten grams of gold without GST was Rs 58,400 while the price of 99.50 was quoted at Rs 58,200. With GST, the prices were raised by three percent. The price of silver .999 per kg without GST was Rs 68500.

Ahmedabad gold was priced at Rs 60,300 per ten gram at 99.90 while 99.50 at Rs 60,100 per ten gram. Silver .999 per kg was Rs 69500.

The S&P Global Flash US Manufacturing PMI showed that manufacturing in the US was at a six-month low in June. June PMI is seen at 46.30 which was 48.40 in May. Apart from this, the situation in the service sector has also remained stable, indicating that demand is subdued. After this report, the world market saw a surge in gold at the end of the week and the price was seen above 1936 dollars per ounce. However, profit booking came at the higher end and finally closed at $1921.20 while silver closed at $22.42 per ounce. Another precious metal platinum closed at $921.70 while palladium closed at $1288.28 per ounce.

In the US, oil rigs fell by six in the current week, indicating a lack of demand for crude. The number of oil rigs has reduced to 546. At the end of the week, Nymax WTI closed at $69.16 per barrel while ICE Brent crude oil closed at $73.85 per barrel.

The local forex market was closed for Saturday, but privately the dollar was trading at Rs 82.04 against the rupee.

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