Gold falls: Silver falls by Rs.1,000

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Mumbai: The bullion market was officially closed on Saturday in Mumbai jewelery market today. However, in the closed market, the prices of gold and silver remained on the decline after rising. World market news was showing rising funds selling.

In the world market, there were indications that the funds were easing due to the rise in global gold, as the dollar index rose and the bond yield also increased and crude oil prices remained soft. The import cost of precious metals at home has come down due to fall in prices in the world market and due to this, the jewelery markets of the country witnessed a retreat today.

Gold prices in the world market fell from a low of 1763 to 1764 per ounce to 1747 at the end of the week at 1750 to 1751 dollars. Behind gold, the global silver prices were also lower from 21.17 to 21.18 to 20.84 per ounce and lastly 20.94 to 20.95 dollars.

As crude oil prices fell in the global market, the domestic currency market witnessed a slow decline in dollar prices against the rupee at the close today. The price of the dollar was Rs.81.66 today, which was Rs.81.69. The rupee appreciated slightly.

Meanwhile, silver prices fell by Rs.1,000 to Rs.60,500 per kg in the Ahmedabad jewelery market today. The price of Amdava gold fell by Rs. 200 per 10 grams to Rs. 99.50 to Rs. 54100 and Rs. 54300 to 99.90.

Meanwhile, platinum prices in the global market fell from a low of 991 to 992 to 976 to end at $981 to 982 an ounce. While the price of palladium was at a low of 1934 to 1939 to 1940 dollars from 1974 to 1975. Global copper prices were last down 1.04 to 1.45 percent.

A negative impact was seen on the world market due to the increase in cases of Corona in China. Crude oil prices New York crude prices were at $80.15 a barrel lower at $77.24 to $80.08 while Brent crude prices were last at $88.21 a barrel at $85.80 to $87.62.

In the Mumbai bullion market today, gold prices were Rs.52471 at Rs.52471 at 99.50 and Rs.52625 at Rs.52953 at 99.90, while Mumbai silver prices were at Rs.61000 at Rs.61320 at Rs.61000 without GST. In Mumbai gold and silver prices including GST were 3 percent higher than this price.

Meanwhile, for domestic importers, the government has directed to reduce the dollar customs exchange rate from Rs.83.80 to Rs.82.60. Due to this, market sources said that the effective import duty of gold and silver imported into the country has decreased.

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