Global gold prices fell below $4,000 on Friday due to profit bookings by global funds that gold prices have reached an excessively high level. However, silver crossed the $51 mark and showed a new high. The precious metal witnessed heavy fluctuations at the end of the week.
Silver remained firm compared to gold due to industrial demand. Domestically, silver saw a jump of Rs 5,000 in a single day. Gold was moderately softening. Crude oil softened and slipped below $64 as the ceasefire process between Hamas and Israel began.
In the Mumbai jewellery market, the price of 99.90 ten grams of gold without GST was moderately softened and was priced at Rs 1,21,525. The price with GST was quoted three percent higher, i.e. Rs 1,25,170. The price without GST of 99.50 gold per ten grams was quoted at Rs 1,21,038. The price without GST of one kg of silver .999 jumped by Rs 4,950 in a single day to Rs 1,64,500. With GST, Mumbai silver reached close to Rs 1.70 lakh.
In the Ahmedabad market, gold 99.90 was quoted at Rs 1,26,500 per ten grams, while 99.50 was quoted at Rs 1,26,200 per ten grams. The price of one kg of silver .999 was quoted at Rs 1,65,000.
In the world market, gold fell below $ 4,000 per ounce and was quoted at $ 3,985 late in the evening. Silver was quoted at $ 50 per ounce. Silver hit a new record high of $51.12. Platinum, another precious metal, rose $55 to $1,476 an ounce. Gold was higher on profit booking in the global market.
Crude oil eased on reports that the first phase of a ceasefire between Hamas and Israel had been paved. Prices were said to be soft at the end of the week on expectations that the ceasefire would increase crude oil supplies from the Middle East. Nymex WTI crude oil was at $59.74 per barrel while ICE Brent crude oil fell below $64 to settle at $63.36 per barrel.
