Gold falls by Rs 400 to Rs 51,000: Crude retreats

(Gujarat News Office) MUMBAI: Gold and silver prices continued to decline in the Mumbai jewelery market today. World market news was booming. In the US, retail sales figures were better than expected and the dollar index and stock market were up there, prompting a sell-off in gold.

Meanwhile, in the Ahmedabad jewelery market, gold prices fell by Rs 200 per 10 grams to Rs 30,600 at Rs 2.50 and Rs 31,600 at Rs 8.50 today. Ahmedabad silver prices today, however, were quiet at Rs 500 per kg. Meanwhile, gold prices in the world market fell from 15 ounces to 120 today and were trading at ૮૬૩ 16 to મો 15 late in the evening. Silver also traded lower at ૫ 8.15, a global low of ૭ 8.15, and was trading at ૧ 6.11 to ૨ 6.15.

Platinum prices were quoted at ૭ 1,050 to ૭ 1,021 an ounce and palladium at ૨ 215 to ૬૭ 215 an ounce this evening. Meanwhile, global crude oil prices remained soft by more than half a per cent today, which had a negative impact on global gold prices.

New York's main contract, light sweet crude for delivery in New York, was at 70.8 a barrel and Brent crude was at ૮ 61.8 a barrel this evening. In the United States, where gasoline stocks fell more than expected, the possibility of the government easing its stockpile of crude oil and launching it into the market is being discussed in the world market.

Meanwhile, falling gold prices in the global market and a weakening dollar against the rupee in the Mumbai currency market have brought down the import cost of gold and silver at home, which has put pressure on the country's jewelery markets, market sources said.

In the Mumbai market today, the price of gold without GST was Rs. While the eyebrows of 2.50 were Rs. In the Mumbai market today, the price of Tandi was Rs. Prices, including GST, were 5 per cent higher than this.