Rapid fall in gold: Rupee depreciates against dollar

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(Gujarat News Office) MUMBAI: Gold prices rose again today in the Mumbai jewelery market, while silver prices remained soft after an initial rise. Gold prices in the world market were reported to be ૭૭૭ 15 to ૭૬૬ 16 an ounce, down from ૭૭૭ 12 to 12 an ounce.

On the back of gold, global silver prices also fell by ૨૬ 6.15 an ounce to ૪ 2.15 an ounce today, falling below ૨૬ 8 an ounce to ૮૨ 4.5 to ૮૩ 7.5 an ounce. Gold and silver prices were under overall pressure in the jewelery market today as the import cost of precious metals fell and the domestic market fell.

The sharp fall in gold prices in June was the biggest sign of a four-year slump in the world market. The sell-off in gold rose as the dollar index rose in global markets today. Meanwhile, in the Ahmedabad jewelery market, gold prices fell by Rs 200 per 10 grams to Rs 200 from Rs 4.50 and Rs 200 from Rs 4.50 today. In Ahmedabad, silver was trading at Rs 200 per kg.

The price of platinum in the world market today fell from ૫ 1,105 to ૬ 1,103 an ounce and fell below ૧ 1,100 to ૮ 1,081 to ૮૨ 105 an ounce. Palladium prices fell again after hitting a high of ૨૬૪૪ 7-8 in the world market, close to ૨૭ 500 and close to ૨૬૯૬ 4 to ૨૬૯૭ 4 today.

In today's global market, copper prices fell by 0.5 to 0.50 per cent, which also had a negative impact on global silver prices. However, global gold analysts said that global gold prices, which rose again this evening after falling in global crude oil prices, have been supported by lower markets.

Crude oil prices were up half a per cent in world markets this evening. New York's main contract, light sweet crude for delivery in New York, was trading at ૭૩ 4.5 a barrel and Brent crude was trading at 4.05 a barrel. Meanwhile, gold prices in the Mumbai jewelery market today closed at Rs 70, excluding GST, at Rs 200 per ounce, Rs 8.50 per ounce and Rs 305, excluding GST, while prices with GST were three per cent higher.

Meanwhile, Mumbai silver prices closed sharply lower at Rs 705 today, up from Rs 205 excluding GST, while prices with GST were three per cent higher. Market players were keeping an eye on the data of the manufacturing index released in the US and the data of job growth in the world market.

The dollar was closing with a slow recovery at the end of the day amid bilateral fluctuations against the rupee today. After opening at Rs 4.50 this morning, the dollar touched a low of Rs 3.15 and a high of Rs 4.5. The dollar had gained two paise against the rupee today.


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