Retreat in gold: Silver fell by Rs 1,200

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(Gujarat News Office) MUMBAI: Gold and silver prices were on a downward trend in the Mumbai jewelery market today. Lushwa market news was showing high caution. With the global market retreating and the dollar depreciating against the rupee in the domestic currency market, the import cost of precious metals has come down and new demand has stalled on the back of a surge in jewelery markets.

World gold prices were at ૭૮૮ 15 to ૭૮૯ 16 an ounce this evening. Global silver prices rose from ૭૭ 7.5 to ૭૮ 7.5 an ounce to ૬૪ 6.5 an ounce and from ૭ 4.50 to ૭ 7.31 an ounce. Gold prices fell today after hitting a high of ૭૯૫ 16-17 on Tuesday.

At the Ahmedabad jewelery market, gold prices rose by Rs 100 per 10 grams, fell by Rs 500 to Rs 2.50 and Rs 3,100 to Rs 2.50. Andavad silver prices fell by Rs 1,200 per kg to Rs 200 today.

Platinum was trading at ૯૯૮ 5 to ૯૯૯ 8 an ounce in world markets today. Palladium was quoted at ૨૪૭૪ 4 to ૨૪૭૫ 6 an ounce this evening. Copper prices in global markets fell to minus 0.50 to 0.5 per cent in the evening today.

World crude oil prices, however, rose by about 1 per cent this evening to ર્ક 2.15 a barrel in New York and ૭૬ 4.5 a barrel in Brent crude. US crude oil production is expected to rise to 21 lakh barrels per day in September, experts said.

In the Mumbai market, gold prices today closed at Rs 305, which is Rs 6.50 per kg, excluding GST. Silver, on the other hand, was trading at Rs 31, excluding GST. Prices including GST were 3 per cent higher than this.

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