New demand declining gold-silver downtrend

(Gujarat News Office) MUMBAI: Gold and silver prices declined in the Mumbai jewelery market today. New demand was slow. Shraddha Paksha has caused a stir in the jewelery market. Now looking at the festivals. Meanwhile, gold prices in the global market fell below 120 per ounce and hovered around ૭૪૯ 15 to ૭૫ 120. In the Ahmedabad jewelery market, gold prices fell by Rs 100 per 10 grams to Rs 200 from Rs 2.50 and Rs 200 from Rs 4.50.

While Ahmedabad silver price fell by Rs 200 per kg to Rs 30,200. However, global crude oil prices rose by more than 1.5 per cent today, following reports of a decline in Vasalvik gold.

Rising global gas prices have also supported the rise in crude oil. And there was news that China had bought 3 to 4 lakh barrels of crude oil. Imports in India have risen to a six-month high.

Meanwhile, in the Mumbai jewelery market, gold today was trading at Rs 9, excluding GST, at Rs 900, Rs 8.50 and Rs 3,150, excluding GST. The price of Mumbai silver today was Rs 30,921 with Rs 30,200 excluding GST. Prices including GST were 3 per cent higher than this.

Silver was trading at ૬ 6.50 to ૬ 6.31 an ounce in the evening trade, while platinum was trading at ૯૮૫ 6 to ૯૮૬ 7, up from ૯૮૫ 6 to 7. Copper prices fell 0.50 per cent to 0.5 per cent in world markets today as the Evergrande Company's massive financial crisis erupted in China, creating a new problem in the form of a severe power shortage.

With US bond and treasury yields hitting a six-month high and the global dollar index rising, there was talk in the market that gold prices were under pressure. Palladium prices in the world market today were 16 to વાળા 17 an ounce, up from ૯૭૨ 12 to 12 an ounce.