Gold and silver soften domestically behind world markets amid cautious tone

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MUMBAI: Global precious metals fell sharply amid a cautious tone from funds ahead of US Federal Reserve Chairman Jerome Powell's speech to a policy panel in Europe. Palladium was hit above 67 dollars. Behind the world market, domestic gold and silver also softened again. Crude oil was in favor of a correction as inventories in the US fell. Domestic forex market is witnessing steady stability of rupee against dollar.

In the local Mumbai market, gold at 99.90 per ten grams was Rs 58,151 without GST, while the price of 99.50 per ten grams was Rs 57,918. With GST, the prices were raised by three percent. The non-GST price of silver .999 per kg fell within Rs 69,000 to Rs 68,972. With GST, the prices were raised by three percent.

Ahmedabad gold of 99.90 grams was priced at Rs 60,300 while that of 99.50 was priced at Rs 60,100. Silver .999 per kg was Rs 70500.

The global precious metal edged lower amid a cautious tone from fund houses ahead of US Federal Reserve Chairman Jerome Powell's speech at the European Central Bank's annual meeting in Portugal. Gold was priced at $1906 per ounce while silver was priced at $22.60 per ounce. Another precious metal was platinum at $920 while palladium fell by over $67 an ounce to trade at $1,231 late in the evening.

Crude oil inventory in the US saw a decrease of 24 lakh barrels, indicating that the demand for crude oil was increasing, and the price was moving in favor of improvement. Crude oil stocks were said to have fallen more than expected. Nymax WTI crude oil was at $67.78 per barrel while ICE Brent was at $72.28 per barrel.

The Indian rupee remained almost flat against the dollar amid strength in the dollar index. Due to FII inflows, the stock market of the country has seen a new high. Indian rupee is seen stable due to dollar inflow.

Against the rupee, the dollar was 82.05, while the euro increased by 11 paise to 89.85 rupees, while the pound decreased by 15 paise to 104.18 rupees. The dollar index was seen at 102.76.

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