look news india
Mumbai: There was a declining trend in gold and silver in the global market on the first day of the week. After initial strength, silver also declined. Lagging behind the global market, gold and silver prices witnessed a decline in the domestic Mumbai market. Due to the strengthening of the dollar, the selling of gold by global fund houses slowed down. Late in the evening, globally, gold fell by $ 60 to $ 2621 and silver to $ 30. Domestically, the fall in precious metal prices remained limited and the dollar strengthened. Crude oil also became soft.
In the domestic market, the non-GST price of 99.90 ten gram gold in Mumbai market fell by Rs 542 compared to last week and closed at Rs 76,840. The price of Rs 99.50 per ten grams was Rs 76532 per quintal. Silver fell by Rs 271 and closed at Rs 90859. Prices increased by three percent due to GST.
In Ahmedabad jewelery market, the price of 99.90 grams of gold was Rs 79,500 while the price of 99.50 grams of gold was Rs 79,300. Ahmedabad silver was sold at .999 per kg for Rs 93000.
In the world market, the price of gold was $ 2663 per ounce, while the price of silver was $ 31.29 per ounce. Platinum was at $975 an ounce while palladium was at $989. Fund houses are reducing their investments from gold and moving towards dollars. The dollar remains strong due to rising inflation concerns. If the Trump administration increases tariffs, there is a possibility of inflation increasing in America. The dollar has strengthened on the perception that aggressive interest rate cuts will not be possible in the event of high inflation.
Meanwhile, crude oil prices softened as US crude oil reserves increased by 21 lakh barrels more than the estimated 18 lakh barrels.
Apart from this, lower than expected demand for crude oil in 2025 has also put pressure on prices. The price of Nymax WTI crude oil was $ 69.32 per barrel. ICE Brent crude oil was quoted at $72.90.