Crude bounces back to 86 86 a barrel: gold-silver declines

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Platinum and palladium prices fell in the world market


(Gujarat News Office) MUMBAI: Crude oil prices rebounded to ૮૬ 8 a barrel in global markets today. However, despite the rise in crude, the market was showing surprise as gold prices fell. Gold and silver prices continued to decline in the Mumbai jewelery market today. World market news was showing a retreat. In the global market, the dollar index has risen and bond and treasury yields have risen.

Gold prices in the world market fell from ૭૬૭ 15 to ૭૬૮ 17 an ounce to ૭૬૨ 16 to આજ 12 today. Behind gold, global silver also traded lower at ૨૮ 4.50 to ૨૯ 7.51 an ounce, down from ૩ 4.50 to ૩ 2.71 an ounce today.

Prices were also under pressure behind the world market. In the Mumbai market, gold today was trading at Rs 915 per 10 grams, excluding GST, at Rs 800, Rs 8.50 per 10 grams, Rs 8 per 10 grams and Rs 3 per cent higher with GST.

Meanwhile, Mumbai silver prices today ranged from Rs 2,150 to Rs 2,110 per kg excluding GST. While prices with GST were 5 per cent higher. Brent crude, meanwhile, rose to ૮૬ 7 a barrel today, from ૫ 6.05 to ૧ 9.10 to ૭૫ 6.5 a barrel. The market was showing surprise as gold prices fell in the world market despite the rise in crude. New York's main contract, light sweet crude for delivery in New York, traded at ૫ 6.50 a barrel. There was news of rising demand against supply in crude.

Meanwhile, global platinum prices today fell from ૫૮ 105 to ૫૯ 105 an ounce to ૪૬ 104 to ૪૭ 105 an ounce, while palladium prices fell from ૨ 205 to ૭૯ 205 an ounce in 2010 to 2011. Palladium prices were down 3.5 per cent today. Copper prices rose 0.50 per cent in global markets today.

Global copper, however, showed signs of slowing down today as GDP figures weakened in China. In the Ahmedabad market today, gold was trading at Rs 900 at Rs 2.50 and Rs 200 at Rs 7.50, while Ahmedabad silver was trading at Rs 200.


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