Gold and silver rallied on the first day of the week, citing domestic festivals behind the world market. Crude oil continued to weaken while the rupee saw mixed flows.
In the Mumbai market, the price of 99.50 ten grams of gold excluding GST, which was Rs 50,700 over the weekend, rose to Rs 50,833 today. The price of 99.90 gold per ten grams was quoted at Rs. Prices with GST were three percent higher. The price of silver.999 per kg excluding GST was Rs. Prices were quoted 3% higher with GST.
In the Ahmedabad market, gold rose by Rs 200 to Rs 52,600 per ten grams of 99.50 and Rs 52,800 per 99.90. Silver rose by Rs 1,000 to Rs 62,500 per kg. Gold traded at 7 1879 an ounce and 9 1889 an ounce while silver traded at $ 24.05 an ounce.
Platinum was quoted at $ 860 with 7 847 while palladium was quoted at $ 2206, down from $ 2216 per ounce. Fundraisers are eyeing the US presidential election and the Federal Reserve meeting.
In the domestic currency market, the euro rose 32 paise to Rs 74.43 while the euro fell 37 paise to Rs 86.57. The pound was flat at Rs 95.79.
Crude oil continued to soften as the global economic downturn dragged on. If supply exceeds demand, prices are coming under pressure. New York crude was trading at $ 34.3 a barrel while Brent was trading at $ 37.03.
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