Gold-silver decline: Weekly 8% drop in crude

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(Gujarat News Office) MUMBAI: The bullion market in the Mumbai jewelery market was officially closed today due to Saturday. However, gold and silver prices declined in the closed market, market sources said. World market news was also showing a sell-off. Gold prices in the world market fell by 15 to ૭૮૬ 16 an ounce from ૭૮ 161 to ૭૮૨ 16 last weekend.

On the back of gold, global silver also fell by 4.5 to ૨૩ 6.5 an ounce, topping 8.05 to ૩ 2.05. Gold prices also came under pressure in the Mumbai market on the eve of the Rakshabandhan festival as the import cost fell in the Mumbai market.

In the Mumbai market, gold was trading at a lower price of Rs 8.15 per liter, excluding GST, at Rs 8,050, while at Rs 7.50, it was trading at Rs 30, up by Rs 5, while prices with GST were three per cent higher.

In the Mumbai market today, silver was trading at Rs 2,000 per kg excluding GST. While prices with GST were three per cent higher than this. Unemployment claims in the US have dropped to a 15-month low.

In the Ahmedabad jewelery market, gold was trading at Rs 900 for Rs 2.50 and Rs 200 for Rs 4.50, while silver was trading at Rs 200. Meanwhile, global platinum prices were hovering around ૯૮૫ 6 to ૯૮૬ 8 an ounce, although there were indications that the price was hovering around ૯૯૭ 6 to ના 7 over the weekend.

There was talk of platinum finding support as copper prices rebounded. Copper prices were quoted at 1.8 to 2.00 per cent higher over the weekend. However, platinum prices have fallen by 3 to 4 per cent this week.

Palladium prices in the world market fell from ૨૩ 602 to ૯ 705 an ounce, with prices falling below ૨૩ 500 to ૨૨૭૬ 6 to ૨૨૭૭ 7 over the weekend. Palladium prices fell 12 to 15 per cent this week as supply increased, marking the biggest weekly decline since March 2020, market sources said.

The fall in world crude oil prices has had an impact on gold prices. Crude oil prices further declined over the weekend to ન 2.15 a barrel on New York crude and ૬૫ 6.15 a barrel on Brent crude. Experts feared that the growing delta crisis in the world would hit the demand for crude. Brent crude fell nearly eight per cent this week, the biggest drop in nine months, according to world market analysts.


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