Global gold breaks below $1900: softening at home

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MUMBAI: The local Mumbai jewelery market remained closed on the occasion of Eid-ul-Fitr, but the global market saw a dip in the precious metal late in the evening, while private gold was soft in the Mumbai jewelery market. Global gold slipped below $1,900. Global gold touched a 17-and-a-half month low. . Gold has fallen by more than $150 from a high of $2,050 per ounce in May of the current year.

A better-than-expected economic growth rate in the US for the June quarter put pressure on the precious metal and the dollar index rose. Crude oil remains range bound amid conflicting factors. The domestic forex market remained closed due to the bank holiday, but the closed market saw the dollar rise against the rupee.

In the Mumbai jeweler's market, gold was priced at Rs 57,950 per ten gram without GST at 99.90 and Rs 57,700 at 99.50. With GST, the prices were raised by three percent. The price of silver 999 per kg without GST was Rs 68900 in private. With GST, the prices were raised by three percent.

In the Ahmedabad market, gold of 99.90 ten grams was priced at Rs 60,100 while that of 99.50 was priced at Rs 59,900. Silver .999 per kg used to be Rs 70,500.

US Federal Reserve Chairman Jerome Powell did not rule out the possibility of an interest rate hike at the Fed's next meeting. In addition, better-than-expected US June quarter GDP estimates strengthened the dollar index and pressured the precious metal. Global gold was trading at $1,897 per ounce late in the evening after the release of GDP estimates, while silver was quoted at $22.44 per ounce. The dollar index rose to 103.30.

Crude oil was softening on account of declining demand due to increase in interest rates by several European countries including the US. Nymax WTI was at $69.60 per barrel while ICE Brent crude oil was at $74.03 per barrel. On one hand, there were reports of falling crude stocks in the US, while on the other hand, crude oil remained range bound amid expectations of a fall in demand due to economic slowdown due to the increase in interest rates. Domestic forex market remained closed, but privately, the dollar rose by 10 paise to 82.12 rupees compared to Wednesday.


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