Global gold moves on rising crude: Domestic softening

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(Gujarat News Office) MUMBAI: Prices in the Mumbai jewelery market were on the decline again today. The ups and downs were selected. New demand was slow. Gold prices in the world market today, however, rose by ૭૭૬ 15 to ૭૭૭ 12 an ounce and were reported to be at ૭૮ 161 to ૭૮૨ 15.

Despite the global market rally, prices remained under overall pressure in the Mumbai jewelery market today on the back of a weakening dollar against the rupee in the domestic currency market, market sources said. Meanwhile, in the Ahmedabad jewelery market, gold prices fell by Rs 20 per 10 grams to Rs 2.50 and Rs 900 from Rs 4.50.

Ahmedabad silver price rose by Rs 200 per kg to Rs 200 today. Silver prices were quoted at ૨૫ 4.5 to ૮૯ 6.5 an ounce, up ૨૫ 4.5 to ૮૩ 6.5 an ounce in today's trade. According to market analysts, the rise in silver prices was supported by a rise of 1.8 per cent to 1.50 per cent against the dollar in global markets this evening.

Platinum, meanwhile, jumped from ૬ 1,071 to ૬૨ 105 an ounce to ૯૨ 105 to ૯૩ 105 an ounce today, while palladium rose by ૨૫૬૭ 6 to ૨૫૬૮ 8 an ounce to ૨૫૯૪ 6 to ૨૫૯૫ 7 an ounce. Crude oil prices rebounded to ૭૫ 6 a barrel in global markets on the back of global gold bullish support today. This was stated by market experts.

Crude oil prices rose one-and-a-half per cent in global markets today, with New York crude prices hovering between 7.5 and ૬ 2.50 a barrel. Brent crude was reported to have crossed the 6 level and traded at ૬ 4.50 to ૬૫ 7.5.

In the Mumbai jewelery market, gold prices today fell to Rs 305 from Rs 8.15 per liter, excluding GST, from Rs 8.30 per kg to Rs 515 per liter, including GST, which is 3 per cent higher. Meanwhile, Mumbai silver prices today closed at Rs 715, excluding GST, at Rs 515, while prices with GST were 3 per cent higher than this.

According to the chairman of the US Federal Reserve, despite rising inflation in the US, there will be no rush to raise interest rates, as well as mild monetary policy, bond buying and so on. The statement had an impact on the currency market and the bullion market today.

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