Palladium crash: Prices fall 6 percent to 2000 2,000

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(Gujarat News Office) MUMBAI: Gold and silver prices declined in the Mumbai jewelery market today. World market news was showing a retreat. There were indications of a big 3 to 4 per cent fall in palladium prices in the world market. Market players were stunned as supply in the palladium rose to ઝડપી 215 to ૫૪ 215 an ounce, falling sharply to below ૨ 4,000 an ounce and hitting ૯૭૪ 12-13 an ounce. Platinum prices in the world market also fell by two and a half per cent today due to the collapse of palladium. Platinum was trading at ૯૫૪ 4 to ઠ 4 an ounce today.

As global bond and treasury yields rose, so did the rise in gold. Global gold prices were at ૭૮૪ 15 to આજે 120 an ounce today. Silver, on the other hand, was quoted at વિશ્વ 2.50 to ૬ 6.31 an ounce, up from 7.5 to 7.5 an ounce.

Precious metals, meanwhile, remained soft on the back of global markets today. Ahmedabad gold price fell by Rs 100 per 10 grams to Rs 900 at Rs 2.50 and Rs 200 per gram, while Ahmedabad silver price fell by Rs 200 per kg to Rs 2,000 today. However, as global crude oil prices continued to rise, there were indications that global gold was gaining ground.

Global crude oil prices were up about half a per cent this evening. New York's main contract, light sweet crude for delivery in New York, traded at થી 70.50 a barrel and ન્ટ 4.50 a barrel. Crude prices were seen rising in the world market as one more hurricane headed towards Texas in the US.

However, with the rise in crude production in Russia, there was news that the new rise in global crude prices was limited today. Daily crude production in Russia was reported to have reached 103 to 104 million barrels.

Meanwhile, gold prices in the Mumbai jewelery market today were Rs 9, excluding GST, at Rs 7.50, Rs 8.50 and Rs 9.30, Rs 9.30. While prices with GST were 5 per cent higher.

Mumbai silver prices closed at Rs 305 today, excluding GST. While prices with GST were 5 per cent higher. Market players were keeping an eye on US inflation figures and the US Federal Reserve meeting next week.


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