US presidential election, fluctuations in global precious metals resulted

Amid uncertainty over the outcome of the US presidential election, fluctuations in global precious metals resulted in a surge in private prices after gold and silver prices closed in the domestic Mumbai market. The rupee weakened against major currencies in the domestic currency market. In the US, stocks were down and crude oil was improving.

In the Mumbai market, gold 99.50 per ten grams excluding GST at Rs 51,037 was officially closed at Rs 51,101 but after the market closed, prices in private jumped to Rs 51,400. Prices with GST were quoted three percent higher. 99.90 per ten grams of gold closed at Rs 51,306 with a price of Rs 51,242. Prices were quoted three percent higher with GST. Silver.999 closed at Rs 61243 with a price of Rs 62250 per kg. In private, the price was quoted at Rs 62,000. Prices with GST were quoted three percent higher.

The Ahmedabad market saw stability in gold. The ten grams at 99.50 were Rs 52,600 and the 99.90 was Rs 52,800. Silver fell by Rs 1,000 to Rs 62,000 per kg.

Gold prices in the world market fell from 19 1900 per ounce to 18 1890 and were trading at 190 1904 in the late evening. Silver traded at .2 23.55 an ounce, up from .2 24.21 an ounce. Platinum was quoted at 7 876 to $ 872 while Palladium was quoted at 63 2263 to $ 2285.

The rupee weakened in the domestic currency market. It was up 33 paise at Rs 74.74, £ 12 paise up at Rs 96.60, and € 22 paise up at Rs 87.18.

According to figures released by the American Petroleum Institute, stocks of crude oil in the United States fell 8 million barrels and prices rose. The expectation was to rise to 9 million barrels. New York crude was trading at 38 38.56 a barrel while Brent was trading at 40 40.68.