Precious metals improve due to weakness in rupee

Mumbai: With the dollar strengthening against the rupee at the domestic level, the price of the precious metal is being reported high in the global market. Silver saw a rise of more than Rs 1,800 in the local market of Mumbai and it again crossed Rs 90,000.

When gold reached Rs 400. The bullish trend was in favor of recovery in the precious metal as the rupee hit a record low against the dollar due to expensive imports. Global crude oil prices remained stable at high levels. The dollar rose by 19 paise to Rs 83.65.

In the local Mumbai jewellery market, the non-GST price of ten grams of 99.90 gold rose by Rs 458 to Rs 72,162 compared to Wednesday. Gold touched the level of Rs 72000. The price of ten grams of 99.50 was Rs 71873. GST increased prices by three percent. The non-GST price of silver .999 per kg rose by Rs 1,843 to Rs 9,0038 compared to Wednesday.

In Ahmedabad's jewellery market, 99.90 gold was sold at Rs 74,600 per ten grams and 99.50 gold was sold at Rs 74,400 per ten grams. Silver .999 was priced at Rs 91250 per kg.

In the global market, gold was at $ 2339.24 an ounce late in the evening while silver was at $ 30.32 an ounce. Another precious metal, palladium was priced at $ 907 an ounce while platinum was priced at $ 974.

Crude oil remained soft due to lack of demand. NYMEX WTI was at $ 81.72 per barrel while ICE was at $ 85.41 per barrel.