Steps in favor of decline in precious metals, silver falls by Rs 2000

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Mumbai: The precious metal prices declined significantly as the dollar strengthened in global markets, which on Monday were positive on talks to raise the US debt limit. There was a huge explosion in the house located in Sonachandi behind Vishwa Bazar. Ahmedabad silver lost Rs 2000.

The non-GST rate of gold in the domestic Mumbai market was Rs 99.90 per 10 grams, against Rs 60,829 on Monday, falling by over Rs 400 to Rs 60,342 on Tuesday. The price of 10 grams of 99.50 gold was Rs.60,100. With GST, the prices were increased by three per cent. Non GST price of silver. With GST, the prices were increased by three per cent.

In Ahmedabad, gold was priced at Rs.99.90 per 10 grams at Rs.62,300 while the rate of 10 grams at Rs.99.50 per 10 grams was Rs.62,100. Compared to Monday, gold was trading Rs 500 less. Silver at Rs.999 per kg declined by Rs.2,000 to Rs.71,500 from Rs.73,500.

In the world market, the price of gold was $ 1958 per ounce and the price of silver was $ 23.14 per ounce. In other precious metals, platinum was at $1,062 while palladium was at $1,470 an ounce.

The rupee strengthened against global currencies in the domestic forex market. The decision to demonetise the Rs 2,000 note is expected to improve the economy, with the perception that purchases of high-value goods will increase. The dollar declined 3 paise to Rs 82.80, the pound declined 53 paise to Rs 102.54, while the euro declined 35 paise to Rs 89.20. Dollar inflow of foreign funds into the equity market is supporting the rupee.