Mumbai Silver Rs. 2700+ Crash: Gold also Rs. within 61,000

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Mumbai: The precious metal gained late in the evening after initial losses in the week ahead on high-headline profit-booking by US jobless claims and fund houses. The number of unemployment claims in the US is at the highest level since October 2021.

Behind the global market, retreat has been seen in gold and silver in the domestic market as well. More than 2700 rupees have been told in silver. Crude oil remained soft in the global market over the weekend. The dollar edged up marginally in the local forex market.

In the domestic market, the non-GST rate of gold at Rs 99.90 per 10 grams fell in the range of Rs 61,000 to Rs 60,964 in Mumbai’s jewelery market. The price of 99.50 per ten grams was Rs 60720. With GST, the prices were increased by three per cent. Silver at Rs.999 per kg, which was Rs.74,795 without GST on Thursday, ended the week at Rs.7,2040, up by Rs.2,755. There has been a big decline in silver.

In the Ahmedabad market, the gold price was Rs 99.90 per ten gram Rs 63,000 while it was Rs 99.50 per ten gram Rs 62,800. Silver had closed at Rs 999 per kg at Rs 73500.

The precious metal retreated from higher levels on weekend profit-booking by fund houses and rising US unemployment data. In the week ending May 6, the number of jobless claims increased by 2,200 to 264,000 from the previous week. Gold was as low as $2001 an ounce and as high as $2020 as of late evening in 2018, while silver was at $24.07 an ounce. Silver saw a low of $23.74 while at the top it was seen at $24.20.

Nymax WTI was at $71.09 a barrel while ICE Brent was at $75.25 a barrel.

In the local forex market, the dollar gained 6 paise to close at Rs 82.16, while the pound declined by 31 paise to Rs 103.03 and the euro by 03 paise to close at Rs 89.67. The dollar index rose to 102.19.