Gold bounced to Rs 49,000 while silver traded at Rs 65,000

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MUMBAI: The Mumbai bullion market was officially closed today following a bank holiday. However, the closed market saw gold and silver prices rebound behind the world market. World market news was showing a rapid rise in precious metals. The decline in the dollar's injection against various major currencies in world markets was a sign of increased buying of funds in global gold.

As the world market grows, the import cost of precious metals has gone up. As a result, the jewelery market witnessed a slowdown in new selling prices today. Gold prices in the world market were quoted at ૭૬૨ 15 to ૭૭૯ 17 an ounce.

After gold, global silver prices jumped by ૨૩ 4.5 to ૨૯ 7.5 an ounce and traded at ૯૮ 4.5 to ૯૯ 7.5 today. In the Ahmedabad jewelery market, silver prices jumped by Rs 200 per kg to Rs 2,000 today, while Ahmedabad gold rose by Rs 200 per 10 grams to Rs 2,000 from Rs 2.50 and Rs 500 from Rs 7.50.

Meanwhile, in the Mumbai currency market today, the dollar was trading at Rs 4.5 to Rs 7.5 against the rupee, but the rupee was hovering around Rs 9.10 to Rs 3.15, currency market sources said. The rupee rebounded on the back of a weaker dollar against the dollar in early trade today.

Meanwhile, there was news of a one per cent rise in crude oil prices in the world market again in the evening after falling sharply. New York's main contract, light sweet crude for delivery in New York, was trading at à«« 6.15 a barrel and ન્ટ 4.50 a barrel. Brent prices recently rebounded from a low of ૮૪ 8 to a low of ૮૬ 6. Russia's supply of crude oil to Europe fell short of expectations in the world market today.

Platinum, meanwhile, rose from ૪૬ 105 to ૪૭ 105 an ounce to ૫ 1,081 to ૫૨ 105 an ounce in the world market today, while palladium was quoted at ૯ 5,050 to ૯ 2,081 an ounce from 2010 to 2011. Copper prices in the global market rebounded today and rebounded 1.08 per cent, which had a positive effect on silver prices.

The weakening of industrial production in the US was an indication of a weakening of the dollar index in world markets. There were also signs of rising crude production in the United States. In view of this, the possibility of a halt in the rise in crude in the world market was being discussed among the experts.

In the Mumbai jewelery market, gold prices were quoted at Rs 815, excluding GST, at Rs 715 today. While the price of 2.50 was Rs 5 with Rs 3, the price with GST was 3 per cent higher than this price. Meanwhile, the price of Mumbai silver today stood at Rs 30, excluding GST, at Rs 4,110, while the price with GST was 3 per cent higher.

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