look news india
Mumbai: Precious metals remained relatively stable globally on the first day of the week as expectations of a rate cut by the US Federal Reserve in the second half of the current year strengthened amid signs of stabilisation in inflation in the US. However, domestically, gold prices witnessed a decline compared to the previous weekend.
The rupee gained against the dollar after the exit poll predicted the formation of the current government at the center. Crude oil prices remained stable.
Domestically, the official price of 99.90 per 10 gram gold in Mumbai Jewellery Market, which closed at Rs 72,356 at the end of last week, fell to Rs 71,776 on the first day of the week. The price of 10 gram gold without GST was increased by Rs 99.50 to Rs 71489. The price of .999 per kg silver, which closed at Rs 92,449 at the end of last week, fell to Rs 90,217 on the first day of the week. Prices increased by three per cent due to GST.
In Ahmedabad market, the price of 99.90 gold was quoted at Rs 74,000 per ten grams while the price of 99.50 gold was quoted at Rs 73,800. The price of silver .999 per kg was Rs 90500. Silver has fallen by Rs 1000 compared to Saturday, global gold was at $ 2331.43 per ounce on the first day of the week while silver was at $ 30.39 per ounce.
The stock market rose sharply after the exit poll predictions of the formation of the Modi government at the center, which led to the strengthening of the rupee against the dollar. The dollar fell 33 paise to 83.14 against the rupee. Crude oil prices were stable at the beginning of the week despite OPEC's decision to extend the cut in crude oil production till 2025.
