Gold-silver bulls break: Crude oil retreats too

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(Gujarat News Office) MUMBAI: Gold and silver prices rose sharply in the Mumbai jewelery market today on a bearish reaction. Gold prices in the world market were reported to be on a downward spiral after hitting an all-time high of ૯ 1,200 an ounce. Global gold prices hit a nine-month high. Gold prices rose to ૯ 1,200 a barrel as tensions between Russia and Ukraine rose again. After that, however, the boom seemed to erupt.

Meanwhile, crude oil prices were also on the decline. Gold prices soared as world stock markets plummeted. Meanwhile, the dollar's sharp fall against the rupee in the domestic currency market today had a softening effect on the jewelery market.

World gold prices rose to ૯ 1,200 from ૮૯ 161 to ૮૯૨ 16. Silver also fell sharply to 4.5 from 2.50. In the Ahmedabad market, gold prices fell by Rs 500 per 10 grams to Rs 31,600 from Rs 2.50 and Rs 21,200 from Rs 3.50. Ahmedabad silver was trading at Rs 50 per kg. Unemployment claims in the US were reported to have risen to 3 lakh 6 thousand.

Meanwhile, crude oil prices in the world market remained on the decline. New York's main contract, light sweet crude for delivery in New York, traded lower at ૮૯ 6.8 a barrel late this evening, while Brent crude traded lower at 61.15 a barrel. However, as per today's indications, some cargo deals of dated Brent crude type in North-Sea area traded above ડો 100 to ૮ 100.50.

However, such deals were rare and according to global time on Wednesday such deals were of some quality crude while Russia and Ukraine dispute escalated. At that time, the market price was ૯૬ 3.

Meanwhile, analysts were predicting an increase in crude production in the US. In the Mumbai jewelery market, gold prices today were Rs 5, excluding GST, at Rs 205 for Rs 2.50 and Rs 3, Rs 9.20 for Rs 9.20. Prices, including GST, were 5 per cent higher than this.

Mumbai silver prices today were at Rs 205, excluding GST, while prices with GST were up 5 per cent. In the Mumbai market, gold and silver prices fell after opening higher in the morning. The impact on the crude market was seen as the possibility of increasing Iran's crude oil supply in the world market increased.

Rupee rebounds against dollar

In the Mumbai currency market today, the dollar fell sharply against the rupee to close at Rs. The rupee appreciated in the currency market today despite a retreat in the stock market. After opening at Rs 6 this morning, the dollar closed at Rs 4.05, a low of Rs 4.50 and a low of Rs 4.5. Players were stunned as the dollar fell sharply by 3 paise today.


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