World markets fall behind as gold-silver rises

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MUMBAI: The bullion bazaar in Mumbai jewelry bazaar was on official holiday today. However, the closed market saw a cautious tone led by gains in precious metals. World market news was showing bullish selling. There were indications of increased selling of funds due to rise in gold in the world market. There was news that gold prices in the world market dropped from 1657 to 1658 per ounce to 1644 to 1649 to 1650 dollars today.

Behind gold, global silver prices were also pointing to lower today at 19.05 to 19.23 to 19.24 dollars from 19.42 to 19.43 an ounce. Behind the world market, the weather at the higher end was subdued today in jewelry markets at home as well after Saturday's sharp rally. In the Ahmedabad jewelery market today, silver prices stopped increasing by Rs.500 per kg and fell to Rs.58,000.

Ahmedabad gold prices were increasing at Rs.52,400 per 10 grams at 99.50 and Rs.52,600 at 99.90. Meanwhile, the crude oil prices in the global market were on a downward trend, which had a negative effect on the global gold prices.

Meanwhile, platinum prices in the world market ranged from a low of 934 to 935 to $924 to $930 to $931 per ounce, while palladium prices ranged from a low of 1992 to $2008 to 2009 from a low of 2018 to 2019. Global copper prices were down 0.90 to 0.95 percent today. Meanwhile, global crude oil prices came under pressure as fresh demand slowed.

New York crude prices were 82.63 to 83.37 dollars per barrel at a low of 85.05. While the price of Brent Crude was 91.22 to 92.05 dollars at a low of 93.50. There was a new demand from China. There were indications of a two percent drop in daily crude demand in China.

Meanwhile, in the Mumbai bullion market today, silver prices were Rs.58,000 at Rs.57,500 without GST, while Mumbai gold prices were trading at Rs.50,500 at 99.50 at Rs.50,550 and Rs.50,700 at Rs.50,750 at 99.90 without GST. In Mumbai gold-silver prices including GST were 3 points higher than this price.

After the drop in the world market, the dollar index increased again in the Mumbai currency market today, the price of the dollar against the rupee rose from Rs.82.68 to Rs.82.88 to Rs.82.85.

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