Gold- Silver bullish advance

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(Gujarat News Office) MUMBAI: Gold and silver prices rose in the Mumbai jewelery market today. World market news was showing strength. As the import cost of precious metals rises due to rising global markets, the jewelery market today saw a situation where there were fewer sellers and more buyers. Gold prices in the world market today were reported to have risen from ૨ 1,308 to ૩ 1,305 an ounce and from ૭ 1,308 to ૮ 1,305 an ounce.

Ahead of the Federal Reserve's meeting in the US, the dollar index against various currencies in the world market fell higher and bond yields in the US also fell, leading to a decline in bond yields in the world market today.

Meanwhile, global silver prices rose by લર 2.15 an ounce to ૮ 2.15 an ounce and were quoted at ૩૬ 4.5 to ૩૭ 7.5 an ounce on rising gold prices. The market was also seen rising in the backyard of the world market.

In the Ahmedabad jewelery market, gold prices rose by Rs 100 per 10 grams to Rs 200 from Rs 4.50 and Rs 200 from Rs 4.50. While Ahmedabad silver price rose by Rs 200 per kg to Rs 4,000 today. Meanwhile, platinum prices in the world market today rose from ૬૩ 105 to ૬૪ 105 an ounce to ૭ 1,050 to ૭ 1,081 an ounce, while palladium prices jumped from ૨૬૭૬ 6 to ૨૬૭૭ 8 an ounce to ૨૭ 200 an ounce and were reported to be hovering around ૨૭ 501 to ૨ 705 an ounce.

However, market analysts said that the rally in global gold prices was limited due to the sharp fall in crude oil prices in the global market today. New York's main contract, light sweet crude for delivery in New York, fell nearly half a per cent to ૬૬ 41.8 a barrel, while Brent crude fell below ૭૪ 8 a barrel to ૭૩ 2.71 a barrel.

Meanwhile, global copper prices recovered on the back of a 1.3 to 1.30 per cent rebound today, following a rally in global silver, market sources said.

Experts were predicting a weakening GDP in the US and its impact on the global dollar index. Meanwhile, gold prices in the Mumbai jewelery market today closed at Rs 8, excluding GST, at Rs 20 per ounce, Rs 8.50 per ounce, Rs 3 per ounce and three per cent higher with GST.

Meanwhile, Mumbai silver prices rose by Rs 500 excluding GST to close at Rs 8 today, while prices with GST were three per cent higher. World market players have been keeping a close eye on the US Federal Reserve's meeting on interest rates and signs of a reduction in bond buying.

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