Bullish retreat amid fears of falling demand for crude

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MUMBAI: Crude oil prices fell by about 1.5 per cent in global markets today. Amid fears of declining demand for crude due to the outbreak of delta virus in various countries of the world, the boom was seen today. New York's main contract, light sweet crude for delivery in New York, traded lower at ૪૭ 2.4 a barrel and Brent crude, which had touched a high of 8 to ૩૫ 4.5 to ૪ 2.50, fell to ૭ 61.8.

Gold and silver prices continued to decline in the Mumbai jewelery market today. World market news was showing a retreat. Gold prices in the world market today fell from ૭૯૨ 15 to ૭૯૩ 16 an ounce to ૭૮૩ 16 to ૭૮૪ 12 an ounce. Silver also traded lower at ૫૭ 4.5 to ૫૮ 7.5 an ounce after hitting a high of ૮૬ 4.5 to ૮૭ 7.5 an ounce today.

In the Ahmedabad jewelery market, gold prices fell by Rs 200 per 10 grams to Rs 200 and Rs 2.50 per 2.50 today. Ahmedabad silver price was Rs 300 per kg. Meanwhile, platinum prices were hitting ૯૯૩ 5 to ૯૯૪ 8 an ounce in world markets today.

While the price of palladium dropped sharply from થી 50 to ૨૪૫ 71 to ૨૪ 500 this evening, there were reports of થી 41 to 5. Copper prices fell 0.4 to 0.50 per cent in global markets today, which had a negative impact on global silver prices.

Meanwhile, gold prices in the Mumbai market today closed at Rs 4,130, excluding GST, from Rs 8,60 to Rs 2,105. Meanwhile, the price of Mumbai Silver today closed at Rs 20, excluding GST, at Rs 20, excluding GST.

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