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Gold closed below Rs 60,000 in private market: improvement in silver


Mumbai: Local Mumbai jewelery markets remained closed on Saturday but privateers waited for face to face at Sonachandi. Gold prices fell below Rs 60,000, while silver traded higher in private trade. The prices ended relatively flat in the world market at the end of the week.

As the decision to raise the debt ceiling in the US dragged on, fund houses were also not particularly risk-averse, indicating a narrow range in the prices. Crude oil remained flat over the weekend on expectations of pick-up in demand and signs of supply tightening. Domestically, the dollar strengthened against the rupee.

Mumbai’s jewelery markets remained closed on Saturday but gold prices traded privately below Friday’s official closing level, while silver remained steady. Non-GST gold price of 99.90 per 10 grams declined by Rs 60,000 to Rs 59,810, while the rate of Rs 99.50 per 10 grams closed at Rs 59,560. Silver Rs.999 per kg without GST was priced at Rs.71000.

Ahmedabad gold was quoted at Rs.61,900 per 10 grams and at Rs.99.50 per 10 grams at Rs.61,700. Silver .999 sold at Rs.71500 per kg.

Globally, gold ended the week at $1946.46 an ounce while silver closed at $23.30 an ounce. Platinum closed at $1026.37 while palladium closed at $1426.25 an ounce. With no decision on increasing the debt limit in the US, fund houses are adopting a cautious approach.

In crude oil, Nymax WTI closed at $72.67 per barrel while ICE Brent closed at $76.95 per barrel. On the other hand, mixed reports that Russia would maintain supplies indicated that OPEC and its allies would cut crude output at their June 4 meeting, while crude oil held steady. Demand is expected to come from America in the coming days.

Domestically, the forex market remained closed on Saturday, but individually the dollar held strong against the rupee. The dollar had closed around Rs 82.62.