Gold-silver decline: World market collapses

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(Gujarat News Office) MUMBAI: Gold and silver prices continued to decline in the Mumbai jewelery market today. Prices of precious metals had come down before the arrival of Shri Ganapati Bappa. World market news was showing softness. Market prices came under pressure as imports fell on the back of declining global markets. World gold prices fell to ૭૯૩ 15 to ૭૯૪ 16 an ounce.

Behind gold, global silver prices also fell to ૭૯૩ 15-16 an ounce. Behind gold, there were indications that global silver prices also fell to ૮ 3.05 an ounce from ૯ 2.08 an ounce. The fall in crude oil prices by about half a per cent in world markets today also had an impact on global gold prices.

In the Ahmedabad jewelery market, gold prices fell further by Rs 200 per 10 grams to Rs 200 per 10 grams and Rs 200 per ounce, while Ahmedabad silver prices fell by Rs 1,000 per kg to Rs 2,000 today.

Platinum prices in the world market fell from 6 to ૧ 1,000 an ounce to ૯૮૪ 6 to આજે 7 today. While the price of palladium dropped from ૨૩૪૯ 5 to ગ 80 to Rs. There were indications of a sharp fall in palladium prices as supply increased and new demand slowed.

Meanwhile, world crude oil prices fell to ર્ક 2.50 a barrel in New York and બ્રે 2.50 a barrel in Brent crude today. US crude stocks fell by 3 lakh barrels and gasoline by 3 lakh barrels. The new demand was winged.

News of a drop in crude production in Mexico was also received today. Copper prices in the global market, however, were up 1.50 per cent to 1.8 per cent today and there were indications that global silver prices may find support again today.

In the Mumbai jewelery market, gold prices today closed at Rs 5, excluding GST, from Rs 8.20 in the previous session. While the price of 7.50 was at Rs. Mumbai silver prices today closed at Rs 305, excluding GST, from Rs 5 to Rs 5. While prices with GST were 5 per cent higher.

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