Retreat in silver while two-way fluctuations in gold: advance in crude

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(Gujarat News Office) MUMBAI: Silver prices were on a downward trend in the Mumbai jewelery market today. Gold also showed a high level of caution. World market news was booming. Inflation in the US has risen sharply, breaking a 20-year record. This led to a rise in the dollar index in world markets as interest rate hikes are likely to be aggressive. Gold prices were under pressure.

World gold prices were at ૮૨૯ 151 to માં 15 an ounce, down from ૮૩ 161 to 12 an ounce. Global silver prices also hovered between ૩૫ 4.5 and ૩૬ 7.5, up from ૮૬ 7.5 to ૮૭ 7.5 and from ૩ 2.05 to ૪ 2.09.

In the Ahmedabad market, gold prices fell by Rs 100 per 10 grams to Rs 30,400 from Rs 2.50 and Rs 30,700 from Rs 3.50, while Ahmedabad silver prices fell by Rs 200 to Rs 300 per kg.

Platinum prices in the world market ranged from ૨૮ 105 to ૨૯ 105 to ૨ 1020 to ૨ 105 to ૩૬ 105 to ૨ 105, while palladium prices ranged from ૭ 50 to ૨૯ 21 to ૭ 215 to ૮ 215 to ૮ 5 to ૨૨૬ 90. Global copper prices fell two per cent from a high today. Meanwhile, world crude oil prices rose again after falling.

New York's main contract, light sweet crude for delivery in New York, traded lower at ૯૭ 90.5 a barrel and was at ૯૭ 61.05. Brent crude, which was trading at ૨૬ 61.15, rose again to ૨૬ 4.81 today from ૯૨ 4.81. Crude stocks have fallen in the US. Disputes between Russia and Ukraine have escalated again. This has led to lower support for crude. According to the International Energy Agency, the supply situation in crude is looking tight. The effect of this was also seen in the market.

Meanwhile, in the Mumbai market today, gold prices were at Rs 8, excluding GST, at Rs 305, Rs 8, at Rs 9.30, Rs 501, while Mumbai silver was at Rs 415, excluding GST, at Rs 415. Mumbai gold and silver prices, including GST, were 3 per cent higher than this.

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