Gold-silver slumps up prices

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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 in the closed market saw a bearish reaction. World market news was shining with falling prices. World gold prices rose by ૭૪૪ 15 to ૭૪૫ 12 an ounce to થી 150 to ૭૫ 161 over the weekend. Behind gold, global silver also rose by ૨૬ 4.5 to ૨૬ 7.5 an ounce and was last seen at ૪૨ 4.5 to ૪૩ 7.5 an ounce.

In the Ahmedabad jewelery market, gold was trading at Rs 600 per 10 grams at Rs 2.50 and Rs 900 at Rs 8.50 per kg, while Ahmedabad silver was trading at Rs 2,000 per kg. Other precious metals in the world market were also on the rise. In the Mumbai currency market today, the dollar was trading at around Rs 6.5 against the rupee at Rs 6.5.

Brent crude rose sharply to ૭૮ 6 a barrel. According to world market analysts, the rise in crude oil prices has had a positive impact on global gold prices. New York's main contract, light sweet crude for delivery in New York, traded up 6.5 a barrel over the weekend, while Brent crude was up ૨ 4.50 a barrel.

Gold prices hit a new low of ૭૩૭ 12-13 this week, the lowest level since August 11. Gold holdings in the US's largest gold ETF were reported to have fallen below 1,000 tonnes to around 8 tonnes. Global crude oil prices have risen to a three-year high. Crude oil stocks in the US have fallen to a three-year low.

Meanwhile, in the Mumbai jewelery market, gold prices were quoted at Rs 200, excluding GST, at Rs 305, Rs 800, Rs 2.50, Rs 500 and Rs 200, while GST prices were three per cent higher. Mumbai silver prices were at Rs 30,600 today, excluding GST, while prices with GST were three per cent higher.

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