Retreat in crude: Mumbai gold and silver continue to improve

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(Via our commercial representative) MUMBAI: Behind the world market, gold and silver stocks advanced in Mumbai today. Crude oil prices have retreated below ડો 50 a barrel. The rupee weakened marginally against the dollar. Palladium, another precious metal behind gold and silver, was also on the upside.

In the Mumbai local gold and silver market, the price of gold, excluding GST at Rs 2.50 per ten grams, which had closed at Rs 305 last weekend, rose to Rs 319 today. Prices with GST were quoted three per cent higher. The price of gold, which was Rs 2,005 last Friday, closed at Rs 71 today. Prices with GST were set at three per cent higher. Silver. The price of one kg was Rs.

In the Ahmedabad market, gold was priced at Rs 30,600 per ten grams and Rs 30,700 per 6.50. Silver.2 Rs 200 per kg remained stable.

World gold was trading at ૮૬૫ 18 an ounce and silver at ૨૨ 6.5 an ounce. Platinum was quoted at à«® 1,081 while palladium was quoted near ડો 5,100 with 203 per ounce.

The dollar index fell to ૭ 3.07 from a 12-month high of ૨૭ 4.5. Fund buying in gold remained firm in price. The US Consumer Confidence Index has fallen to a ten-year low after inflation hit a 21-year high in the US.

Crude oil prices have retreated for a variety of reasons. Crude oil prices have been on a downward trend since the rise in the number of rigs producing crude oil in the US and the expected move to lower crude oil and the US move to ease stocks from its strategic petroleum reserves.

New York's main contract, light sweet crude for delivery in New York, fell below 20 a barrel and traded at 6.5 a barrel, while Brent was trading at à«® 50.5 a barrel late in the evening. In the domestic currency market, the dollar rose by 3 paise to Rs 6.5.

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