Face-off in precious metals: Gold trends softer while silver improves

MUMBAI: The dollar index rose as hedge funds turned to the greenback amid political uncertainty in Russia, while global precious metals held firm against gold and silver. At home behind the world market, the precious metal was waiting face to face. Gold edged lower while silver edged higher on the production incident report. Crude oil also remained soft on Russia concerns.

In the local Mumbai market, gold prices were said to be moderately soft compared to Monday. The price of 99.90 ten grams of gold without GST was reduced to Rs 58442, while the price of 99.50 ten grams of gold was Rs 58208. The price of 999 per kg without GST was Rs 69523.

In the Ahmedabad market, 99.90 gold was priced at Rs 60,500 per ten gram while 99.50 was priced at Rs 60,300. Silver was priced at Rs 71,000 per kg at 999 per kg.

In the world market, gold fell to 1922.11 dollars per ounce while silver increased modestly to 22.87 dollars per ounce. The dollar index rose above 102.80 in the early evening and settled at 102.55 in the late evening. Nymax WTI fell to $67.87 per barrel while ICE Brent crude oil fell within $73 to settle at $72.66 per barrel. Brent Crude was seen above 74.90 dollars.

Meanwhile, in the forex market at home, the dollar fell to 81.94 rupees and finally closed at 82.03 rupees. Euro improved by 33 paise to 89.74 rupees while pound decreased by 11 paise to 104.33 rupees.