look news india
Mumbai: Gold and silver prices were relatively stable in the global market due to June holidays, but the precious metal saw a correction domestically as the dollar strengthened against the rupee. The dollar continues to rise after the Federal Reserve raised the possibility of cutting interest rates even once this year. Crude oil stocks in the US came in higher than expected but crude oil prices remained high due to expectations of strong demand. The rupee weakened against global currencies.
In Mumbai's local jewellery market, the non-GST price of 99.90 per 10 gram gold rose by Rs 415 to Rs 71,704. Without GST, the price of 99.50 per 10 gram was Rs 71417. GST increased prices by 3%. The non-GST price of .999 per kg silver rose by Rs 640 to cross Rs 88,000. GST increased prices by 3%.
Ahmedabad was also in favour of price revision in Sonachandi market. The price of 99.90 gold was Rs 74,200 per ten grams while the price of 99.50 gold was Rs 74,000 per ten grams. Silver .999 was Rs 90,500 per kg.
Precious metal prices remained stable in the global market due to June holidays. Gold was quoted at $2329 per ounce while silver was quoted at $29.54 per ounce. Due to signs of weak economic activity in the US, there is a possibility of cutting interest rates once this year.
Crude oil prices are currently trading at a seven-week high. In the week ending June 14, US crude oil reserves increased by 22.64 lakh barrels. The expectation was that there would be an increase of 22 lakh barrels.
OPEC has maintained strong global demand for crude oil for 2024 and 2025, resulting in higher prices. NYMEX WTI was at $81.68 per barrel while ICE was at $85.40 per barrel.
Domestically, the rupee was under pressure against global currencies. The dollar rose 5 paise to Rs 83.46, the euro rose 20 paise to Rs 89.68 and the pound rose 34 paise to Rs 106.22. The pound got support due to the fall in inflation in the UK to the target level of two percent. The dollar index was trading at 105.20.
