Gold-silver downtrend ahead of festivals

(Gujarat News Office) MUMBAI: The pre-festive mood in the Mumbai jewelery market today saw a decline in prices. World market news was showing the sale of funds. Even at home behind the world market, the import cost remained under pressure. Gold prices were trading at ૭૮૪ 15-16 an ounce in global trade today. There was talk of rising selling of funds in global gold as the dollar index rose against various major currencies. Silver in global markets traded lower at ૩૬ 4.5 to ૩૭ 7.5 an ounce, down from ૨ 4.51 to ૨૨ 7.5 an ounce today.

In Ahmedabad jewelery market, gold price today touched Rs. 200 fell to Rs. 500 and Rs. 200 remained. While Ahmedabad silver price today is Rs. 500 decreased to Rs. 200 were spoken. Meanwhile, platinum prices in the world market today were reported to be hovering around ૯૬૭ 5 to ૯૬૮ 6 an ounce, though rising to ૯૮૩ 4 to 4. Palladium prices were reported at ૨૩૩૨ 5 to ૨૩૩૩ 8 an ounce, but further declines were reported at ૨૩ 501 to ૨ 705. Copper prices in the global market also stopped falling and remained at 0.8 to 0.50 per cent plus this evening.

According to market analysts, the fall in global silver prices today has helped the market regain its momentum. Following the rise in copper, there were indications that the price of platinum in the world market has also stopped falling and rising again. However, the downturn in crude oil prices in the world market was indicative of a further two per cent softening today. The impact of the crude retreat was also seen on gold prices.

New York's main contract, light sweet crude for delivery in New York, traded lower at ૩૬ 2.4 a barrel and Brent crude traded at ૨ 2.81 a barrel. Demand for crude oil has been adversely affected by the global Delta virus outbreak, market analysts said.

In the Mumbai market today, gold price is Rs. 200 Rs. Prices of Rs. 500 with Rs. 3 while prices with GST were three per cent higher than this. Meanwhile, Mumbai silver prices today touched Rs. Decreased Rs. 3 while prices with GST were three per cent higher than this. Meanwhile, declining dollar claims in the US have pushed the dollar higher in world markets while gold prices have come under pressure.

Unemployment claims in the United States have dropped by 6,000 to 8,300,000, from the expected 4,300,000. Thus there are signs that the job market is booming as unemployment claims are declining. In the United States, the annual meeting of the Federal Reserve is scheduled to take place next week.