After softening in the world market, gold and silver continued to fall in the domestic market.

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Mumbai: Precious metals continued to slide in the global market following positive cues that the US Federal Reserve would not cut interest rates anytime soon and raise the debt ceiling, which also led to losses in gold and silver at the domestic level. The rupee depreciated against major currencies in the forex market. Crude oil is looking strong despite the ups and downs.

In the domestic market, the non-GST price of gold at Mumbai’s jewelery market was Rs 99.90 per 10 grams, down from Rs 60,646 on Wednesday to Rs 60,474. 99.50 The cost of ten grams without GST was Rs 60232. With GST, the prices were increased by three per cent. The non-GST price of silver declined by Rs.999 to Rs.71,496 per kg from Rs.71,808. With GST, the prices were increased by three per cent.

In the Ahmedabad market, gold was quoted at Rs.99.90 per 10 grams and Rs.62,400 per ten grams, while the rate of Rs.99.50 per ten grams was quoted at Rs.62,200. The price of silver was Rs 999 per kg at Rs 73000. In the late evening in the world market, one ounce of gold had come down significantly to 1965 dollars. Silver was quoted at $23.53 an ounce, platinum at $1071 and palladium at $1466 an ounce.

The rupee weakened again against major currencies in the domestic forex market. The dollar gained 21 paise to reach Rs 82.60. The dollar touched an intraday two-month high of Rs 82.65. The pound advanced 26 paise to Rs 102.77 while the euro advanced 12 paise to close at Rs 89.35.

Crude oil was range-bound and firm on positive signs that the US debt ceiling standoff has been resolved. Nymax WTI crude oil was trading at $72.64 per barrel late evening while ICE Brent crude oil was trading at $76.88 per barrel.