Gold steady domestically, silver retreats amid soft global market activity

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MUMBAI: Gold remained relatively flat at home on the back of global markets, while silver retreated from a higher head. The trading volume in the world market was also seen low as the Christmas vacation was going on. Despite a huge rally in the stock market, the rupee weakened against major currencies in the domestic money market. The dollar was 15 paise high. Crude oil prices remained firm.

At the local Mumbai jewelery market, gold at Rs 99.90 per 10 grams excluding GST closed marginally higher at Rs 63,223 from the previous close. The price of ten grams of 99.50 was Rs 62970. With GST, the prices were raised by three percent. Silver .999 per kg fell by Rs 700 to close at Rs 74064. With GST, the prices were raised by three percent. The price of gold at 99.90 ten grams remained stable at Rs 65,000 in the Ahmedabad market. 99.50 per ten gram was Rs 64800. Silver .999 per kg was reduced by Rs 500 to Rs 75000.

In the world market, gold was priced at $2068 per ounce while silver was quoted at $24.07 per ounce. The dollar index was also seen stable at the level of 101.41. In the last week of 2023, business activities are seen to be sluggish.

The rupee weakened against major global currencies in the local money market. The dollar increased by 15 paise to 83.35 rupees, the pound increased by 44 paise to 106.02 rupees, while the euro increased by 51 paise to 92.13 rupees. Market sources said that the dollar has risen as a result of buying by importers and oil companies.

Crude oil prices held steady amid renewed attacks on container ships in the Red Sea. Nymax WTI crude oil was at $75.09 per barrel while Ice Brent crude oil was at $80.62 per barrel.


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