Gold crash: Rising crude oil prices ahead of OPEC meeting

(Gujarat News Office) MUMBAI: Gold prices continued to decline in the Mumbai jewelery market today. Silver prices were falling sharply. Gold prices in the world market today fell from ૭૯૨ 15 to ૭૯૩ 16 an ounce to ૭૮૫ 16 to સમાચાર 17. However, global silver prices fell sharply today, from ૮૪ 4.5 to ૮૫ 7.5 an ounce and were trading at ૯ 4.50 to ૯ 2.31 an ounce.

Meanwhile, there were reports that the government had reduced the tariff value used as a benchmark for importing gold and silver import duties in the country. This has led to a reduction in the effective import duty on domestically imported gold and silver, jewelers said. Such tariff value of gold has been reduced from ૫૯૯ 5 to ૫૭૫ 5 per 10 grams.

It is learned that the tariff value of silver has been reduced from ૪ 205 to ૭૫ 50 per kg. Meanwhile, in the Ahmedabad jewelery market today, gold prices fell by Rs 200 per 10 grams to Rs 500 from Rs 2.50 and Rs 200 from Rs 4.50. Ahmedabad silver fell by Rs 200 per kg to Rs 2,000 today.

Meanwhile, platinum prices in the world market today jumped about four and a half percent. New York's main contract, light sweet crude for delivery in New York, was up 2.15 a barrel and Brent crude was up 4.5. Experts were pointing out that crude-producing countries are not likely to see the expected growth in production.

Platinum, meanwhile, was trading at ૯૫૪ 5 to ૯૫૫ 6 an ounce, up from ૯૫૨ 6 to ૯૫૩ 7 an ounce, while palladium was trading at ૭૬૪ 15 to ૭૬૫ 12 an ounce, up from થી 150 to ૭૬ 121. Copper prices were quoted 0.20 per cent higher in world markets this evening. In the United States, rising bond and treasury yields have been the talk of the town.

In the US, the possibility of a reduction in bond buying and an increase in interest rates was being discussed in the world market. In the Mumbai jewelery market, gold bullion was trading at Rs 815 for GST at Rs 8.50 per ounce and Rs 305 at Rs 9,201 for 7.50 excluding GST today. The price of 505 was at Rs 715 and was closing at Rs 303 while the price with GST was 9 per cent higher.

Rupee breaks dollar against rupee: Dollar falls below Rs

In the Mumbai currency market today, the rupee rose sharply against the dollar and fell sharply below the rupee level. After opening at Rs 4.15 against the dollar today, the dollar was trading at a high of Rs 4.05 and a low of Rs 2.50 and closed at Rs 4.50. The dollar fell 3 paise today. In the global market, the dollar index against various major currencies was down 0.06 per cent today at 5.31. At the bottom, the index was down 4.5. The impact on the global dollar index was felt in the US as signs of a sharp decline in bond buying spread.