Break the recession: Improvements in precious metals behind the world market

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(Gujarat News Office) MUMBAI: Gold prices rebounded today in the Mumbai jewelery market on the back of a bearish break. World market news was showing a rebound from falling prices. Gold prices in the global market fell last week, the biggest weekly decline in nine months, and today was the news of the market rebounding from the bottom.

Gold prices in the world market today rose from ૭૬૪ 15 to ૭૬૫ 16 an ounce to ૭૭૫ 16 to 16. Behind gold, global silver also rose by ૭૯ 4.5 to ૭૯ 6.5 an ounce today, from ૨૫ 4.5 to ૮૮ 7.5 an ounce.

At home, Ahmedabad gold price rose by Rs 200 per 10 grams to Rs 900 at Rs 2.50 and Rs 200 per gram, while Ahmedabad silver price rose by Rs 200 per kg to Rs 300 today.

Platinum, meanwhile, traded lower at ૪૨ 105 to ૪૩ 105 an ounce from ૪૩ 105 to ૪૪ 105 an ounce today, while palladium prices fell further by લર 5 to 8 a barrel, hitting a high of ૨૫ 500 to ૪ 215 to ૫ 215 an ounce.

However, copper prices in the global market remained in the range of 0.7 to 0.30 per cent in the evening today, leading to a limited recovery in global silver prices, said world market analysts.

In the Mumbai jewelery market, gold today closed at Rs 7, excluding GST, at Rs 800, Rs 8.50, Rs 800 and Rs 4,131, while GST was three per cent higher.

Meanwhile, Mumbai silver prices today closed at Rs 500, excluding GST, from Rs 4 to Rs 4, while prices with GST were three per cent higher. Crude oil prices in the world market today were showing a slight decline amid narrow fluctuations heading higher. New York's main contract, light sweet crude for delivery in New York, traded at ૭ 61.8 to ૬ 71.50 a barrel and Brent crude traded at ૭૩ 4.50 to ૪૫ 6.5.

However, experts were also hoping that demand would pick up again. Meanwhile, according to the Band of America, world crude oil prices are likely to rise to ડો 100 next year. Options deals have started in China's crude oil market and it was reported today that foreign traders may join the deals.

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