Gold trends domestically behind global market: Silver declines

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MUMBAI: Domestically, gold was almost flat from the previous close, but silver was marginally lower following the steady decline in precious metals in the global market ahead of inflation figures due on Friday, following better-than-expected economic growth in the June quarter in the US. Crude oil in the global market held steady over the weekend while the domestic forex market saw the rupee strengthen against global currencies.

Back home, the price of gold in the Mumbai jewelery market at 99.90 per ten grams was Rs 58,055 without GST. which was almost stable compared to the previous close.

99.50 per ten grams without GST was priced at Rs 57823. With GST, the prices were raised by three percent. The non-GST price of silver .999 per kg eased marginally to Rs 68,429. With GST, the prices were raised by three percent.

Ahmedabad gold 99.90 per ten gram was Rs 60,000 while 99.50 was Rs 59,800. The price of silver .999 per kg was Rs 69500. Silver had softened by Rs 1,000.

In the world market, gold was at $1905 per ounce while silver was at $22.39 per ounce before the inflation figures to be announced on Friday after the economic growth rate of the June quarter in the United States was better than expected. Another precious metal, platinum fell by $890 while palladium was quoted at $1,258.

Global crude oil remained steady at higher levels. The production cuts implemented by Saudi Arabia since July have not had a significant impact on crude oil prices. Expectations of sluggish demand have seen prices stabilize at the higher end. Nymax WTI was at $69.96 per barrel while ICE Brent crude oil was at $74.49 per barrel.

The rupee remained firm against major global currencies in the forex market at home. The dollar fell by 3 paise to Rs 82.03, the pound fell by 27 paise to Rs 103.49 and the euro fell by 93 paise to Rs 88.92.

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