Gold rebounded as rupee weakened against dollar after falling behind global markets

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MUMBAI: Gold prices rose in the Mumbai jewelery market today after initially opening lower. Sources in the market said that the rupee fell in the currency market and got support from gold in the jewelery market. Meanwhile, silver prices remained subdued.

The world market saw a one-sided fluctuation. Global gold prices rebounded after hitting a two-and-a-half-year low. The price of gold in the world market was 1626 to 1644 to 1645 dollars at a low of 1643 to 1648 per ounce.

Behind gold, global silver prices were 18.87 to 18.48 per ounce and 18.90 to 18.82 to 18.83 dollars per ounce. In the Ahmedabad jewelery market today, silver prices fell by Rs.500 to Rs.56,500 per kg, while Ahmedabad gold prices remained calm at Rs.51,300 per kg at 99.50 and Rs.51,500 at 99.90 per kg.

The price of platinum in the world market was 851 to 851 and 872 to 864 to 865 dollars in the high of 859 to 860 per ounce. When the price of palladium increased from 2073 to 2034 and from 2099 to 2057 to 2058 dollars.

Crude oil prices in the world market also rebounded after falling. New York crude prices rebounded to $78.97 a barrel after hitting a low of $78.74 at $77.21 a barrel, while Brent crude prices were tipped to rise again to $86.20 from a low of $86.1 a barrel at $84.51.

Global copper prices were down 0.58 percent today. Meanwhile, gold prices in the Mumbai jewelery market today rose to Rs 49,391 from Rs 49,300 at 99.50 to Rs 49,391 at 99.90 from Rs 49,492 to Rs 49,590 at Rs 49,500 without GST. Mumbai silver today without GST was Rs.55,500 to Rs.55,084 to Rs.55,374. In Mumbai gold and silver prices including GST were being quoted 3 percent higher than this price.

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