retreat into gold; Silver also stopped rising and fell again

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Mumbai: Silver prices stopped rising in the Mumbai jewelery market today and fell again before Diwali. On the other hand, the decline in gold continued. The price of gold in the world market was 1631 to 1632 dollars per ounce from 1635 to 1636. Behind gold, global silver prices rose from 18.60 to 18.61 today, however, rose to 18.67 to 18.68 dollars.

In the currency market, the fall in the dollar price against the rupee had a negative impact on the jewelry market. Meanwhile, gold prices in Ahmedabad jewelery market today fell by Rs.200 to Rs.99.50 to Rs.51,700 and Rs.51,900 to 99.90 per 10 grams. While in Ahmedabad, silver prices fell by Rs.500 per kg to Rs.57000.

Unemployment claims in America fell by 12 thousand to 2 lakh 14 thousand, there were signs that the job market is getting stronger again. Meanwhile, the drop in crude oil in the world market had a negative impact on global gold prices. Global copper prices remained soft by 0.60 to 0.65 percent today.

Meanwhile, platinum prices in the world market were 897 to 898 to 908 to 909 dollars an ounce today while palladium prices were tipped to fall to 1996 to 1997 dollars in 2030 to 2031. Global crude oil prices remained soft today. New York crude prices were 83.15 to 85.03 dollars a barrel lower than 87.32. There was news that Brent crude prices were at a low of 93.48 from 91.00 to 92.98 dollars.

Meanwhile, in the Mumbai market today, gold prices fell to Rs 49862 at 99.50 and Rs 50062 at 99.90 without GST. However, gold prices in the Mumbai market this morning opened lower against Thursday's closing price. But later in the afternoon, prices remained on the correction. Mumbai silver prices stood at Rs.55555 from Rs.56627 without GST.

In Mumbai gold and silver prices including GST were 3 percent higher than this price. Meanwhile, market insiders said that the effective import duty on gold and silver has increased as the government increased the customs exchange rate for the dollar for importers.

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