Gold prices sparkle: Crude prices crash

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(Gujarat News Office) MUMBAI: Gold prices rebounded in the Mumbai jewelery market today. While silver remained soft. Gold prices in the world market today rose by 16 to 18 ounces and were reported to be at 16 to 17 dollars in the evening. The dollar's global index against various currencies in global markets fell 0.15 per cent to 6.71 today, indicating an increase in fund buying in gold. In the Mumbai currency market, the rupee depreciated by five paise against the dollar to Rs 5.05 and Rs 4.5.

Meanwhile, gold prices rose in the domestic jewelery market behind the world market. Ahmedabad: Gold price of 10 grams today rose by Rs. While Ahmedabad silver price remained calm today at Rs 200 per kg. Silver in global markets traded lower at 3.11 an ounce, down from ૪ 6.11 an ounce in the previous session.

The sharp fall in global crude oil prices was followed by a sharp rise in the rupee against the dollar at home, market sources said. New York's main contract, light sweet crude for delivery in New York, fell from ૨૩ 70.3 a barrel to ૭૨ 4.5 a barrel today, while Brent crude fell to ૯૬ 4.5 a barrel in the previous session. There were indications by China and the US that oil would be released from government-held oil reserves and dumped into the market.

There were indications that Japan was also considering this direction. Platinum, meanwhile, traded lower at ૬૬ 103 to ૬૭ 105 an ounce from ૭ 1,050 to ૭ 1,021 an ounce today, while palladium prices hovered at ૨ 915 to ૬૭ 717 an ounce. Global copper prices were 0.15 to 0.50 per cent softer in the evening.

Meanwhile, gold prices in the Mumbai market today stood at Rs 205, excluding GST, at Rs 8.50, while it was at Rs 8, Rs 9.15, at Rs 8.50. While silver prices closed at Rs 5, excluding GST, from Rs 5 to Rs 5, while prices of these two precious metals, including GST, were 3 per cent higher than this. The Japanese currency, the yen, which had fallen to a four-year low against the dollar in the world market, has seen signs of rebounding.

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