Crude rises to ૭૫ 5 a barrel: US crude stock falls by 5.4 million barrels

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(Gujarat News Office) MUMBAI: Gold and silver prices rose sharply today in the Mumbai jewelery market. World market news was encouraging. Global gold prices rose above ૮ 1,200 an ounce. Gold prices rose as demand for funds rose in the face of a weaker-than-expected dollar index in global markets as inflation in the US fell short of expectations. Precious metals were also on the rise behind the world market.

However, there was talk of a limited rise in prices in the jewelery market as the dollar weakened in the domestic currency market. World gold prices were hovering between ૪ 1,308 and ૫ 1,305 an ounce, after which they were trading at ૭૯૯ 15,100 an ounce in the late evening. In the Ahmedabad market, gold prices rose by Rs 200 per 10 grams to Rs 800 from Rs 4.50 and Rs 200 from Rs 4.50. While Ahmedabad silver price rose by Rs 200 per kg to Rs 200. In the global market, silver prices rose by 6.5 to 6.5 per cent and gold by 4.5 to 6.5 per cent.

Meanwhile, crude oil prices rose 1.5 per cent to 2.5 per cent today amid a surge in global crude oil prices. This also had a positive effect on gold prices. Crude oil futures were up 71.8 a barrel in New York and ૭૮ 2.8 a barrel in Brent. Prices soared amid fears of another Texas hurricane affecting crude production in the United States. Prices rose to a one-and-a-half month high. In the US, crude stocks fell by 3 lakh barrels while rumors were expected to fall by 3 lakh barrels.

Meanwhile, global platinum prices fell further by ૯૪૪ 5 to ૯૪૫ 8 a barrel today, while palladium eyebrows fell to ઘા 15 to ઔ 12 an ounce. Copper prices rose 0.08 per cent to 0.5 per cent in global markets today, which had a positive effect on global silver prices.

In the Mumbai market today, the price of gold without GST is Rs. 315 to Rs. While the price of 2.50 was Rs 4 from Rs 4 in 2013, the price with GST was 3% higher. Meanwhile, Mumbai silver rose to Rs 3,021 today.

The rupee had lost 50 paise against the dollar in early trade today. After opening at Rs 4.5 this morning, the dollar was trading at a high of Rs 4.5 and a low of Rs 4.5.

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