look news india
Mumbai: Gold and silver witnessed stability in the global market as the possibility of a cut in interest rates by the US Federal Reserve increased, due to which the prices of precious metals remained stable at the domestic level. The rupee strengthened against various global currencies. The rupee returned to strength against the dollar after the intervention of the Reserve Bank. The increase in crude oil reserves in the US is putting pressure on prices.
At the domestic level, the price of 99.90 10 gram gold in Mumbai's jewellery market was Rs 71,986 without GST. The price of 99.50 was quoted at Rs 71698 per 10 gram. GST increased the prices by 3%. Silver .999 per kg was quoted at Rs 88530 without GST. GST increased the prices by 3%.
In Ahmedabad market, the price of 99.90 10 gram gold was quoted at Rs 74,400 and 99.50 10 gram gold was quoted at Rs 74,200. The price of .999 silver per kg was quoted at Rs 90,000.
In the global market, gold remained stable at $ 2334 an ounce while silver closed at $ 29.61 an ounce. Globally, precious metal prices remained relatively stable as the Federal Reserve cut interest rates due to low inflation as well as weak job opening data.
The rupee showed a strong position against global currencies. The rupee improved by 16 paise to close at 83.37 against the dollar. Market circles say that the rupee has improved due to the possible intervention of the Reserve Bank and the sale of dollars by foreign banks. The pound fell by 7 paise to Rs 106.53 and the euro fell by 23 paise to Rs 90.63.
Crude oil prices remained under pressure due to increase in crude oil stocks in the US. Nymex crude oil was quoted at $ 73.42 per barrel and ICE Brent crude oil was quoted at $ 77.69 per barrel.
According to the data of the American Petroleum Institute, the stock of crude oil in America increased by 40.50 lakh barrels. Apart from this, a report says that the stock of gasoline has also increased.
