On Diwali, gold fell sharply by Rs 400 and silver by Rs 1,500

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(Gujarat News Office) MUMBAI: With gold and silver prices plummeting in the Mumbai jewelery market ahead of Diwali, market analysts are hoping for higher demand on Diwali day (today). World market news was showing a sell-off.

According to market sources, prices of precious metals fell in the country's jewelery markets ahead of Diwali as prices in the global market fell and the dollar depreciated in the domestic currency market.

Gold prices in the world market today fell from ૭૯ 151 to ૭૯૨ 12 an ounce to ૭૭૩ 15 to ૭૯૨ 12 an ounce. Global silver prices were also quoted at ૭૩ 4.5 to ૭૪ 7.5 an ounce, down from ૩૫ 4.5 to ૩૬ 7.5 an ounce.

Behind the world market, gold prices fell by Rs 200 per 10 grams to Rs 2,000 from Rs 4.50 and Rs 700 from Rs 4.50 in Ahmedabad jewelery market today, while Ahmedabad silver was quoted at Rs 1,200 per kg and Rs 500 per kg.

Gold prices have come under pressure as falling crude oil prices in the world market, world market sources said. Global crude oil prices were down two-and-a-half to three per cent today. There was news of a rise in crude oil stocks in the US. New York's main contract, light sweet crude for delivery in New York, fell to 61.7 a barrel and Brent crude fell to 4.5 a barrel.

Platinum, meanwhile, traded lower at ૩૪ 105 to ૩૫ 105 an ounce from ૫૭ 105 to ૫૪ 105 an ounce today, while palladium prices fell from ૨ 205 to ૩૯ 205 an ounce today to ૯૯૪ 15 to ૯૯૫ 12 an ounce.

However, global copper prices were quoted 0.6 per cent higher this evening. A meeting of OPEC and allied producers on crude oil is scheduled for Thursday. Prices had plummeted before the meeting. Meanwhile, there were reports of US, India and Japan urging OPEC to increase production. According to the American Petroleum Institute, crude oil stocks in the United States have risen by 500,000 barrels, while gasoline stocks have declined.

In the Mumbai jewelery market, gold without GST was trading at Rs 3.50 per kg, Rs 8 per kg and Rs 3.50 per kg, excluding GST. While the price of silver was Rs. While prices with GST were three per cent higher in both the precious metals.


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