Gold bounces back to Rs 50,500: Crude rebounds

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(Gujarat News Office) MUMBAI: The Mumbai jewelery market rallied today. There was breaking news in the world market. There was talk of increasing hedging purchases of gold as inflation rose globally. Gold prices in the world market today rose from ૮૨૬ 16 to ઔ 12 an ounce and rose from ૮૩૩ 16 to ૮૩૪ 16 to ૮૩ 161 an ounce. Gold was followed by global silver at ૨૩ 4.5 to ૨૪ 6.5, up from ૨૩ 4.5 to ૨૪ 6.5.

Rising global markets and weakening rupee against the dollar at home have pushed up the import cost of precious metals in the country and led to a surge in the jewelery market today. In the Ahmedabad market, the price of 10 grams of gold has increased by Rs. Ahmedabad silver price was quoted at Rs 2,000 per kg, an increase of Rs 200 today.

Meanwhile, platinum prices in the world market today ranged from ૪૨ 102 to ૪૩ 105, though they were ૩૨ 105 to ૩૩ 105. While the price of palladium was at ૨૨૬૩ 4 to જોકે 5, however, there were indications that the price was rising to ૨૨૯૯ 5 to 200. The resurgence of crude oil prices in the world market also had a positive effect on gold prices. In the US, crude oil stocks fell to a three-year low.

New York's main contract, light sweet crude for delivery in New York, traded at 20.5, up from ૯૨ 90.5 today. Brent crude, which was trading at ૫ 70.50, rose to ૪૫ 4.5 from ૪૫ 8.15 today. Global copper prices rose 1.5 to 1.50 per cent today. US crude oil stocks have fallen to new lows since 2014. In the Mumbai market today, the price of gold excluding GST was Rs 305 at Rs 9.30 and Rs 801 at Rs 8.50. While the price of silver was Rs.

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