Crude oil bounces back to gold despite calling 85 85

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(Gujarat News Office) MUMBAI: The Mumbai bullion market was officially closed today due to Dussehra. In closed markets, however, gold prices rebounded and saw a rebound. Analysts were surprised at the fall in gold prices despite the rise in crude oil prices in world markets today. There were indications that gold prices in the world market fell from a high. The rise in the dollar index in world markets was accompanied by news of a sell-off in funds.

Unemployment claims in the US were indicative of a decline to the previous level of the Coro, which was followed by a retreat in gold as the dollar index rose in world markets. The price of gold, which had touched à«® 1,200 an ounce in the world market, was indicative of a fall of à«­à«­à«© 12 to આજે 15 today. Even behind the world market, seasonal purchases were good today as prices fell from high to low on Dussehra, market sources said.

In the Ahmedabad market today, gold prices fell by Rs 200 per 10 grams to Rs 2,000 from Rs 2.50 and Rs 500 from Rs 4.50. However, Ahmedabad silver prices were hovering around Rs 200 per kg. Silver prices in the world market rose from ૨૫ 4.5 to ૨૬ 7.5 an ounce, from ૫૩ 4.5 to ૫૪ 7.5 to ૫ 6.15 to ૬ 6.15.

In the Mumbai market today, gold prices were trading at around Rs 500, excluding GST, at Rs 2.50 per ounce and around Rs 800, which is at Rs 215 per ounce. Meanwhile, Mumbai silver prices were hovering around Rs 70-900 today, excluding GST. While prices with GST were 5 per cent higher.

Brent crude surged above ૮૫ 6 a barrel today, leaving market players stunned.

Brent crude rose as high as 2.10 to ૯ 6.71 and as low as ૯૭ 4.5 late in the evening. New York's main contract, light sweet crude for delivery in New York, traded at 4.15 to ૨ 2.50. Brent crude last touched ૮૫ 3 in October 2016. Rising natural gas prices were a sign that demand was turning to crude oil.

Meanwhile, the government has increased the tariff value used as a benchmark to calculate the import duty on gold and silver imported in the country. Market insiders said it was gone. There were indications that the tariff value of gold would go up from ૫૬ 50 to ૫૭૫ 5 per 10 grams and that of silver from ૭૨૪ 5 to ૭૩૯ 8 per kg.

Copper prices have surged to ૧૦ 10,000 a tonne, making it the best week since 2014 in terms of recovery. The last such increase was in November 2016.

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