Dollar rebounds after closed market: Rupee's weekly collapse breaks one-and-a-half-year record

Mumbai: The bullion market was officially closed today due to Saturday at the Mumbai jewelery market. However, silver prices continued to fall in the closed market. While gold prices were showing slow improvement.

In the world market, however, gold prices were trading at a low of 1645 to 1647 to 1639 to 1643 to 1644 dollars per ounce at the end of the week. The pressure on gold prices in the world market continued amid the strength of the global dollar and the strength of bond yields.

Sources of the market said that in the Mumbai currency market today, the price of the dollar rose again from Rs.80.99 to Rs.81.23 to 81.24. Sources added that the price crash in the Mumbai currency market this week in the rupee was the biggest in the last one-and-a-half years.

In the global market, the rupee has been shaking at home as the bond yield has risen and the dollar index has risen. The forex reserve held by the RBI has also decreased, leading to volatility in the currency market. There was news that silver prices in the world market were 18.77 to 18.87 dollars per ounce, down from 19.00 to 19.01 per ounce.

While the price of platinum dropped from 873 to 874 to 857 and lastly it was speaking 859 to 860 dollars. Palladium prices ranged from 2088 to 2089 lows of 2064 to 2073 dollars.

As the crude oil decreased in the world market, its impact was also seen negatively on the global gold prices. With rumors of a coup against the president in China, its impact was also seen on various global commodity markets, including crude oil.

Global copper prices fell by 3.80 percent and were last at 3.65 to 3.70 percent. Crude oil prices in the world market were 78.04 to 78.74 dollars per barrel of New York crude from 80.67 while the price of Brent crude was 85.50 from 87.84 and finally remained at 86.15 dollars.

Gold prices in the world market fell to a two-year low. Meanwhile, in the Mumbai bullion market today, gold prices without GST were being quoted at Rs.49,300 for 10 grams of 99.50 at Rs.49,234 and Rs.49,500 at Rs.49,432 at 99.90.

While Mumbai silver prices were Rs.56100 per kg without GST at Rs.55500. In Mumbai gold and silver prices including GST were 3 percent higher than this price. Market sources said that despite the retreat of the world market in gold, domestic gold prices remained firm as the rupee tumbled against the dollar.

Meanwhile, silver prices fell by Rs.500 to Rs.57,000 in Ahmedabad jewelery market today, while Ahmedabad gold prices remained calm at Rs.99.50 to Rs.51,300 and Rs.51,500 to Rs.99.90.