Gold- Silver rebound breaks and prices fall sharply

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Bilateral bounce in global gold amid Fed meeting in America

(Gujarat News Office) MUMBAI: Gold and silver prices rose sharply in the Mumbai jewelery market today on a bearish reaction. World market news was showing a sell-off. As the US Federal Reserve meeting begins on Tuesday and ends on Wednesday, world market players have been keeping a close eye on signs of a reduction in bond buying, inflation and interest rates.

World gold prices rose from વધી 1,305 to ૭ 1,305 an ounce to ૭૯૭ 15 to ૭૯૮ 12 an ounce and rose again this evening to ૪ 1,308 to ૫ 1,305. Gold was followed by global silver at ૩૭ 6.15 an ounce, up from ૩૭ 7.5 an ounce and લર 6.15 an ounce.

Meanwhile, domestic demand was also on the rise in the jewelery market today as new demand slowed down. 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, while Ahmedabad silver prices fell by Rs 300 to Rs 200 per kg.

Platinum prices were hitting એજ 1,050 to ૭ 1,021 an ounce in the global market today, while palladium prices were reported to be hovering between ઝડપી 401 and ૨ 403 an ounce, hitting ૨૬૪૫ 4 to ૨૬૪૬ 4 late this evening.

Meanwhile, crude oil prices in the world market today were hitting a narrow range of bilateral fluctuations. New York's main contract, light sweet crude for delivery in New York, traded at ૯ 61.50 a barrel and Brent crude was trading at 4.50 a barrel. The market was watching the changes in the US crude oil stocks. Gold prices in the world market also saw two-way fluctuations behind crude.

According to world market analysts, copper prices rose 0.50 to 0.21 per cent in the global market today, which had a negative impact on global silver prices. Meanwhile, US stock markets remained soft today as stock markets in China and Hong Kong fell. On the other hand, rising bond prices sent bond yields down, pushing global gold back to ૮ 1,200 a barrel.

Meanwhile, gold prices in the Mumbai jewelery market today closed at Rs 305, excluding GST, at Rs 205, Rs 8 and Rs 8, excluding GST. Percent remained high. Meanwhile, Mumbai silver prices closed at Rs 4, excluding GST, while prices with GST were three per cent higher.


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