Silver prices fall: Four-month low globally

(Gujarat News Office) MUMBAI: Silver prices continued to decline in the Mumbai jewelery market today. World market news was also showing softness. Gold prices opened lower in the Mumbai market today. Gold prices in the world market ranged from ૪ 1,305 to ૫ 1,305 an ounce and were reported to be trading at ૭૯૮ 15 to ૮ 1,200 today. Global silver prices fell by લર 2.15 an ounce to ૨ 2.50 an ounce from ૪૫ 4.5 to ૫ 2.50 an ounce and settled at ૭૫ 4.5 to ૭૬ 7.5 an ounce.

Global silver fell to a four-month low today. Amid rising dollar index against various currencies in world markets and rising bond and treasury yields in the US, there was news of a sell-off in gold amid a look at the Federal Reserve meeting.

Back in the global market, prices were also under pressure as more sellers and less buyers of precious metals remained under pressure. In the Ahmedabad jewelery market, silver fell by Rs 200 per kg to Rs 2,000 today.

Ahmedabad gold prices were sluggish at Rs 3.50 and Rs 900 at Rs 4.50. Meanwhile, platinum prices in the world market today fell sharply from ૭ 1,050 to ૭ 1,021 an ounce to ૪૯ 105 to ૫ 1,050 an ounce. Palladium prices, meanwhile, were reportedly hovering between ૨૬૪૫ 6 and 8, at ૨૬ 705 to ૯ 905.

Meanwhile, market players were watching the Federal Reserve's signals about inflation, interest rates and bond buying in the US. In the Mumbai jewelery market, the silver price was closing at Rs 4, excluding GST. While prices with GST were three per cent higher than this.

Mumbai gold prices opened at Rs 8, closing at Rs 30, up from Rs 4.50 today. While the price of 8.50 was open at Rs. While prices with GST were three per cent higher than this.

However, crude oil prices rose by about half a per cent in the global market today, following a fall in global gold, market analysts said. New York's main contract, light sweet crude for delivery in New York, traded at 4.10 a barrel. Brent crude was up between ૮ 6.50 and ૮૫ 6.5.

According to the American Petroleum Institute, the stock of crude oil in the United States fell by 3 lakh barrels. Such stock was expected to fall by 3 lakh barrels. Instead there was news that the stock had fallen more than expected in fact. In addition to crude oil, gasoline stocks also fell by 3 lakh barrels. Copper prices were down about 0.15 per cent in global markets today and its impact on global silver prices was negative.

In the US, the Consumer Confidence Index rose to a 12-month high. There was also news of an increase in household holdings. The International Monetary Fund raised its economic growth estimates for developed countries. There were indications that such estimates were reduced for developing countries. This also had an impact on global gold and dollar prices today.