Global gold crosses 18 1800 again: Crude falls

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(Gujarat News Office) MUMBAI: Gold and silver prices rose sharply in the Mumbai jewelery market today. There was news of gold rising again in the world market. Gold prices rose against the backdrop of weakening US GDP figures as the global dollar index came under pressure late in the evening. Gold prices in the world market were at ૭૯ 151 to ૭૯૨ 16 an ounce today. Behind the world market, the domestic market was also on the verge of a new sell-off.

In the Ahmedabad jewelery market, gold prices rose by Rs 200 per 10 grams to Rs 500 from Rs 4.50 and Rs 200 from Rs 4.50. While in Ahmedabad, the price of silver today rose by Rs 200 per kg to Rs 2,000. However, silver prices in global markets today traded lower by 3.05 to ૯ 2.09 an ounce and were quoted at ૨૪ 2.01 to ૨ 2.09 an ounce.

New York's main contract, light sweet crude for delivery in New York, traded at ૬ 61.70 to ૬૫ 71.9 a barrel this evening. Platinum prices in the world market ranged from ૨૪ 105 to ૨૫ 105 an ounce from ૨ 1015 to ૩ 1013 in 2010 to ૯ 1,020 an ounce in the Mumbai jewelery market today. While prices with GST were 5 per cent higher. Mumbai silver prices were at Rs 5 per liter today, excluding GST, while prices with GST were up 3 per cent. Late in the evening, gold prices rose from ૫ 1,305 to ૬ 1,305. Silver, platinum and palladium prices were also higher late in the evening.

Sep in India's gold demand. 4% growth in the quarter

India's gold demand has rebounded. Demand for gold has returned to pre-Corolla levels. According to a report by the World Gold Council (WGC), gold demand grew by 3% to 12.1 tonnes in July-September 2021 on the back of economic recovery and rising consumer demand.

The country's gold demand stood at 6.5 tonnes in the same quarter last year, in September 2020. In the third quarter, India's gold demand grew by 7% to Rs 2.50 crore. It was Rs 2,150 crore in the same period last year. With this, gold imports are unlikely to grow much in the fourth quarter in the near future, as stocks have been stockpiled during the third quarter of 2021 for the festive season. Going forward, with the country easing controls, retail demand will begin to return to pre-Kovid levels. With this, the demand for gold is expected to increase due to the festive and wedding season, Somsundaram said.


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