A gap of Rs.1000 in gold and Rs.2000 in silver

(Gujarat News Office) MUMBAI: The Mumbai jewelery market witnessed a sharp decline in gold and silver prices today. News in the world market was showing a sharp fall in precious metals. After the US government announced its decision to retain Powell as chairman of the Federal Reserve, there were reports of widespread selling of funds in gold as the dollar index rose and bond yields rose in world markets. Powell said the market was now watching the US approach to reducing bond buying and raising interest rates. Bond yields rose as the bond market declined against US stock markets.

Market players were stunned today as gold prices fell below ૮ 1,200 an ounce and were quoted at થી 150 to ૭૯ 131 in the global market. Market experts were hoping that seasonal demand in the jewelery market would pick up now as import prices plummeted as domestic markets plummeted and prices fell as the wedding season dragged on.

In Ahmedabad jewelery market, gold prices fell sharply by Rs 1,000 per 10 grams, fell below Rs 30,000 today. Were gone. Gold prices in the world market fell from ૮૩૯ 15 to ૮૪ 150 today to a head of 120. On the back of gold, global silver prices also fell by ૭૨ 2.31 to ૭૨ 4.5 an ounce, from ૬૬ 4.5 to ૬૭ 7.5 an ounce.

The price of platinum was down from ૪ 1,050 to ૪ 1,081 an ounce, down from ૯૯૨ 5 to 8. While the price of palladium ranged from ૬૭ 505 to ૬૮ 705 today, the market was buzzing with 151 to ૯૩૨ 15.

After the Indian government decided to release 3 million barrels of crude oil from the reserves in the crude oil market, the United States has also taken a step in this direction and indications that a similar decision is being made in Japan have also had an impact on gold prices. New York's main contract, light sweet crude for delivery in New York, fell half a per cent to 2.7 a barrel, while Brent crude traded lower at ૭૨ 4.5 a barrel.

Meanwhile, in the Mumbai jewelery market, gold prices today closed at Rs 5, excluding GST, at Rs 4.50, while at Rs 4.50, it was closing at Rs 4 today, while prices with GST were three per cent higher. There were indications in the market today that the government was considering raising the GST rate on gold from 5 to 5 per cent.

Meanwhile, Mumbai silver prices closed lower at Rs 31, excluding GST, today. While prices with GST were three per cent higher. Market players were stunned today as gold futures traded lower by 1.7 billion in the short term.