Rs.1000 crash in silver: Wind of decline in world behind jewelery market

(Gujarat News Office) MUMBAI: Gold and silver prices continued to decline in the Mumbai jewelery market today. With prices falling further in the global market, the domestic import cost has come down and as a result, prices in the jewelery market have come under pressure, leading to more selling and less buying in the declining market, market sources said.

The rise in the dollar index in world markets, as well as rising bond and treasury yields, led to a sell-off in gold. Unemployment claims in the US have plummeted to a 30-year low, with job markets rising and the global dollar index rising.

Gold prices in the world market today were ૭૭૨ 16 to વાળા 16 an ounce, up from ૭૭૫ 12 to 12 an ounce. Behind gold, global silver also fell from ૬ 2.15 an ounce to ૭ 6.15 an ounce and was trading at ૮૮ 71.8 to ૮૯ 71.8 an ounce today.

Meanwhile, the fall in gold prices in the world market, however, slowed down today on the back of rising crude oil prices in the world market. New York's main contract, light sweet crude for delivery in New York, traded lower at. 61.15 a barrel and then rose to ૬૨ 71.8 a barrel today.

Brent crude traded lower at ૬૮ 4.10 to 6.10. At home, silver prices fell by Rs 1,000 to Rs 21,000 per kg in the Ahmedabad jewelery market today, while Ahmedabad gold fell by Rs 200 per 10 grams to Rs 200 from Rs 4.50.

In the world market, the price of platinum today was થઈ 6 to વાળા 6 per ounce, up from ૯૪૨ 6 to જ્યારે 6, while the price of palladium fell from ૮૨૮ 15 to ૮૨૯ 16, falling below ૮ 1,200 and was at ૭૮ 121 to આજે 12 today.

In the Mumbai jewelery market, gold today was trading at Rs 5, excluding GST, at Rs 9, Rs 8, Rs 8, 9, at Rs 8.20, while with GST, it was up 3 per cent. Mumbai silver prices were quoted today at Rs 305, excluding GST.