Gold bounced after falling

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(Gujarat News Office) MUMBAI: The bullion market at the Mumbai jewelery market was officially closed on Saturday. Gold and silver were softer in the closed market. Today, the Mumbai gold price was Rs 5, excluding GST, at Rs 9,050 per ounce and Rs 515 per ounce, excluding GST. While Mumbai silver price was Rs 3050 per kg excluding GST. In the Mumbai market, gold and silver prices, including GST, were three per cent higher than this.

Ahmedabad gold, meanwhile, was trading at Rs 900 at Rs 2.50 and Rs 900 at Rs 2.50 while Ahmedabad silver was trading at Rs 2,000. At the close of trading today, the dollar was trading at Rs 6.5 against the dollar, up from Rs 7.5.

Meanwhile, gold prices plummeted in world markets on Friday night as US job growth figures became fantastic, but then there was news of a rebound. Global gold prices rose to ૭૯૨ 1,305 from ૮ 1,210 an ounce, down from ૭૯૨ 1,210 to ૮ 1,611 an ounce, and then rose to ૮ 1,308 to ૯ 1,305 over the weekend.

Behind gold, the global silver price fell from ૪૯ 4.5 to ૫ 7.50, down from ૧ 9.11 to ૨ 6.15, and last traded at ૫ 6.41 to ૫૨ 6.5. In the US, job growth in December was expected to be 1.5 lakh, but in fact, there was news that 4 lakh 6 thousand had arrived. Earlier, there was also a significant drop in unemployment claims.

Thus, with the job market showing signs of strengthening, the possibility of an increase in interest rates has intensified, market analysts said. The rise in world crude oil prices also had a positive effect on global gold prices. New York's main contract, light sweet crude for delivery in New York, traded at ૫ 9.15 a barrel, up ૭ 6.15 from ૫ 7.81 a barrel, while Brent crude traded at ૭ 6.50 a barrel, up from ૮૭ 6.5 a barrel, for the weekend.

Crude-producing countries have decided to increase production, but in reality, there has been talk in the market that production has fallen short of expectations. Meanwhile, Saudi Arabia's directives to raise crude prices for Asia also had an impact on the market. Crude prices have been rising in the world market for the last seven consecutive weeks, market sources said.

Platinum, meanwhile, rose from ૨ 1,050 to ૨ 1,081 an ounce to ૨૮ 105 to ૨૯ 105 an ounce in the world market, while palladium fell from ૨૩૪ 21 to ૨૩૪૨ 5 to ૨૨૯૪ 6 to અંદર 7, falling below 500.

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