Gold fell by Rs 200 and silver by Rs 1,000

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(Gujarat News Office) MUMBAI: Prices of precious metals in Mumbai jewelery market remained on a bearish reaction today. The new headline was to sell the lucrative mindset while the new demand remained slow. World market news was also showing a sell-off.

Gold prices in the world market fell from a high of ૮૨૩ 15 to ૮૨૪ 17 an ounce to ૮૨૯ 15 to પછી 120 and then fell to ૮ 1,215 from ૮૨૪ 12 to ૮૨૫ 15. Global silver prices rose from ૨૩ 4.5 to ૨૪ 7.5 an ounce to ૩૫ 4.5 to ૩૫ 7.5 an ounce and from ૦ 4.10 to ૧ 2.11.

As the global market plummeted, so did the import cost of precious metals, leading to a break in the country's jewelery market today and a fall in prices.

Meanwhile, there was news of a government hike in the tariff value used as a benchmark to calculate the import duty on gold and silver imported into the country. As a result, the effective import duty on gold and silver imported into the country has increased, leading to a decline in the jewelery market, which is likely to support the market, experts said.

Such tariff value has been hiked from ૫૬૬ 5 to ૫૮૭ 5 per 10 grams in gold and from ૮૩૬ 5 to ૮૪૭ 6 per kg in silver, market sources said.

Meanwhile, in the Ahmedabad jewelery market, gold prices fell by Rs 200 per 10 grams to Rs 900 from Rs 2.50 and Rs 900 from Rs 3.50 per kg, while Ahmedabad silver prices fell by Rs 1,000 to Rs 20,000 per kg. Meanwhile, global platinum prices rose from ૩૩ 115 to ૩૪ 115 an ounce, ranging from ૪ 1,150 to ૪ 1,151 to રહ્યા 115 to ૩ 1,150 an ounce.

Palladium, meanwhile, fell sharply by about four per cent to ૨૭૮૨ 61 to ૨૭૨૨ 6 an ounce from થી 71 to ૨૭૮૨ 6 an ounce. Despite strong new demand for palladium and increasing supply, there were indications of a lucrative sell-off in the world market.

Copper prices in global markets fell to minus 0.10 per cent today, while crude oil prices rose by about half a per cent today. The effect of this was also visible on the global gold-silver market today. Meanwhile, gold prices in the Mumbai market today closed at Rs 5,050, up from Rs 30 per ounce and Rs 5 per ounce, excluding GST. While prices with GST were three per cent higher than this.

Meanwhile, Mumbai silver prices closed lower at Rs 715 today after touching Rs 205, excluding GST, while prices with GST were three per cent higher.

New York's main contract, light sweet crude for delivery in January, rose half a per cent to ર્ક 5 a barrel from New York's main contract, while Brent crude rose to ૮ 2.50 from ૮૫ 7.5 a barrel. According to world market news, gold production at Baric Gold, a major gold mining company, fell by 2.50 per cent in the second quarter of this year. The company has gold mines in the US and Dominica.

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