Gold-silver retreat: 4% crash in crude oil

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(Gujarat News Office) MUMBAI: Gold and silver prices fell sharply in the Mumbai jewelery market today after opening higher. Gold prices fell after hitting a six-month high in world markets. Gold prices also came under pressure as crude oil prices rose by 3.5 per cent.

According to world market news, there were indications that some Russian troops were returning to their camp from the Ukrainian border. As tensions between Russia and Ukraine eased, stock prices rose in the global market, while gold and crude oil prices fell sharply, market sources said.

Global gold prices fell to ૮૪૯ 12-150 an ounce after hitting a high of ૮૭૯ 15-150 an ounce. Behind the world market, the jewelery market also saw a rapid retreat from higher prices.

The import cost of precious metals has come down in the country today as the dollar depreciated against the rupee in the domestic currency market and the world market also retreated. In the Andavad jewelery market, gold prices fell by Rs 200 per 10 grams to Rs 31,000 from Rs 2.50 and Rs 21,200 from Rs 3.50. While Ahmedabad silver price fell by Rs 200 per kg to Rs 2,000. Silver in global markets traded higher at ૨૩ 6.5 an ounce, ranging from ૨૭ 4.5 to ૨૮ 7.5 an ounce.

Platinum prices ranged from ૩ 1,050 to ૩૫ 105 to ૨ 1,081 to ૨૨ 105. When the price of palladium reached close to ૨૪ 200, the rapid fall was ૨૨૪૮ 6 to 7. Copper prices, however, were 0.2 to 0.50 per cent higher today. Brent crude, meanwhile, fell to ૪૯ 2.4 today after hitting a high of ૭૮ 4.5 a barrel, while New York crude was quoted at ઉ 4.10, a high of ૮૨ 4.5.

The number of oil rigs in America has increased. Israel has signaled it will increase its gas supplies to Egypt by 20 percent. However, according to JPMorgan, crude oil prices are expected to rise further to ૨૫ 15 a barrel, given the short supply situation ahead of demand.

In the Mumbai market today, gold price without GST was Rs 8.20 at Rs 9, opening at Rs 5, while at Rs 8.50, it was closing at Rs 305, opening at Rs 5, Mumbai silver price was Rs. 210 with Rs. 210 open and Rs. In the Mumbai market, gold and silver prices, including GST, were 5 per cent higher than this.

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