Gold-silver declines in US retail sales figures

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(Gujarat News Office) MUMBAI: The bullion market in the Mumbai jewelery market was officially closed today due to Saturday. However, in the closed market, gold-silver prices rebounded, market sources said. World market news was showing rapid softening. Imports fell as domestic markets fell. However, the dollar's rise against the rupee in the closed market was limited to gold-silver prices.

In the Mumbai market, gold prices were quoted at Rs 20 per 10 grams, excluding GST, at Rs 5,050 per 10 grams and Rs 4,150 per 8 grams, excluding GST, while prices with GST were up three per cent. Meanwhile, Mumbai silver prices remained unchanged at Rs 800 per kg today, excluding GST, while prices with GST were three per cent higher.

Meanwhile, in the Ahmedabad jewelery market, silver fell by Rs 200 to Rs 200 today, while Ahmedabad gold was trading at Rs 900 at Rs 2.50 and Rs 200 at Rs 8.50.

Gold prices in the world market were reported to be between ૮૨૪ 15 and ૮ 16 an ounce, down from ૮ 1,215 to ૮ 1,215 over the weekend. Behind gold, global silver also fell below ડો 2.10 an ounce from ૦ 2.10 an ounce to ૦૦ 4.00 an ounce, finally trading at ૬૬ 4.5 to ૬૭ 7.5 an ounce.

Platinum and palladium prices were said to have fallen by 3 to 4 per cent. Platinum, which traded at ૨૯ 115 to ૩ 1,150 an ounce, was last seen at ૪ 1,105 to ૫ 1,103 an ounce, while palladium fell sharply from ૨૭૨ 21 to ૨૭૨૨ 4 to ડો 200, ending the week at થી 50 to ૨૬૩ 71.

As the dollar index rose against various major currencies in the world market and bond and treasury yields also rose, gold was sold off in the world market over the weekend. In the Mumbai currency market on the back of the global market, the dollar rose sharply from Rs 4.5 against the rupee in the previous session and traded at Rs 4.5 to Rs 3.5 today, currency market sources said. In view of this, the rupee was likely to weaken in the Mumbai currency market on Monday morning, experts said.

The dollar index rose for the weekend as retail sales in the US improved. Retail sales were up 0.50 per cent at 21.50 billion. New York's main contract, light sweet crude for delivery in New York, traded at ૬૯ 61.81 a barrel, up from ૬૯ 6.01 a barrel, and Brent crude traded at ૪૫ 6.5, a dollar high of ૪૫ 7.51, at 2.8 a barrel.

Meanwhile, gold demand in India, which used to be a premium of ૧ 1.50 per ounce, is now being discussed at a discount of ૪ 2.50 to ૦૦ 2.00 per ounce. However China, Hong Kong, Japan, Singapore v. There was news that gold was still offering premiums ranging from ૫ 0.50 to ૦૦ 2.00.


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