Rapid retreat in gold-silver, platinum, palladium

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(Gujarat News Office) MUMBAI: Gold and silver prices continued to decline in the Mumbai jewelery market today. World market news was showing a sharp decline in prices. With the world market collapsing and the import cost of precious metals falling, the jewelery market saw more sellers and less buyers.

The rise in bond and treasury yields in the global market and the rise in the global dollar index against various major currencies led to widespread selling of funds in gold in the global market. Gold prices were quoted at વિશ્વ 16 to ૭૩૩ 12 an ounce in the global market today.

Global gold and silver prices also fell by ૬૩ 4.5 to ૬૮ 6.5 an ounce and were trading at ૨ 6.41 to ૨૨ 7.5 an ounce today. In the Ahmedabad jewelery market, gold prices fell by Rs 200 per 10 grams to Rs 200 from Rs 4.50 and Rs 200 from Rs 4.50. While Ahmedabad silver price today fell by Rs 200 per kg to Rs 31,000.

Platinum prices in the world market fell by ૯૯૫ 6 to ૯૯૬ 8 an ounce from ૯૮ 60 to આજે 71 today, while palladium prices fell from ૯૯૨ 15 to ૯૯૩ 17 an ounce to ૯૩૯ 15 to 120. Global crude oil prices rose at one point today, crossing the ડો 60 a barrel mark and hitting a high of ૬૯ 30.5 to ૭ 70.50, falling below ફરી 6.5 to ૯૬ 7.5 in the late evening. In the global market, US bond and treasury yields rose to one per cent for five years and one and a half per cent for 10 years.

New York's main contract, light sweet crude for delivery in New York, traded at 4.05 a barrel. In the Mumbai jewelery market, gold today closed at Rs 5, excluding GST, at Rs 8, Rs 8, while it was closing at Rs 4, Rs 8,150, excluding GST.

In Mumbai, silver closed at Rs 4,021 today, excluding GST. Morgan Stanley had indicated that bond yields were likely to rise further to two per cent. If this happens, global gold prices are likely to fall further.

The dollar opened at Rs 4.50 this morning with a low of Rs 4.5, after which it jumped to a high of Rs 4.15 and closed at Rs 4.05. The dollar had gained another 50 paise against the rupee today.

The British pound opened at Rs. The pound was down 18 paise today. Meanwhile, the European currency, the euro, rose today. The euro was trading at Rs 4.5, up from Rs 3.5, to Rs 4.5.

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