Gold-Silver Moves Behind the World Market: Decline in Platinum, Palladium

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(Gujarat News Office) MUMBAI: Gold prices rose in the Mumbai jewelery market today. Silver was even higher. The rising market saw signs of rising import costs, with the market seeing fewer sellers and more buyers today. In the global market, the dollar index declined and bond and treasury yields also declined.

At home, the gold price in Ahmedabad Jewelery Bazaar today is Rs. 120 increased to Rs. 50 and Rs. 30 while Ahmedabad silver price was Rs. Were being maintained at the head of 2000. Gold prices in the world market today ranged from ૭૮૨ 16 to ના 17 an ounce, while global silver prices hovered at ૨ 2.41 to ૨૨ 6.5 an ounce, up from ૯ 6.15 an ounce.

The rise in global gold prices was also seen amid indications of a new omikron virus outbreak in Britain. The British pound fell against the dollar in world markets today. The Turkish lira plunged to a new low. In the US, the market was watching the two-day meeting of the Federal Reserve on Tuesday and Wednesday.

The market players were keeping a close eye on the indications given at the meeting about interest rate hikes and reduction in bond buying. Platinum, meanwhile, was trading at ૯૪૩ 6 to વાળા 6 an ounce, up from ૯૪૫ 6 to 7 an ounce, while palladium was trading at ૭૫૬ 12 to à«­à««à«­ 12 an ounce, up from ૭૬૪ 12 to ૭૬૫ 12 an ounce.

World crude oil prices were quoted at around 5 per cent lower this evening. New York's main contract, light sweet crude for delivery in New York, was at 61.5 a barrel, while Brent crude was down at 4.5. Crude oil prices came under pressure following indications that omicron nuisance is on the rise globally. However, global copper prices rose 0.50 per cent to 0.5 per cent.

Global iron ore prices rebounded today amid signs that the Chinese government will back industry. In the Mumbai market today, the gold price is Rs. 2 with Rs. ૪૭૯૯૭ While Rs. 205 with Rs. 2150 while prices with DST were three per cent higher. Mumbai silver price today at Rs. 20,200 with Rs. 2061. While prices with GST were three per cent higher.

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