Gold-silver slump ahead

Mumbai: Bullion market was officially closed today due to Saturday in Mumbai jewelry market. However, in the closed market, prices continued to fall behind the global market. In addition to gold and silver, the prices of platinum, palladium and copper in the world market saw a rapid fall, and due to this, the import cost of precious metals at home came down, so there were more sellers and fewer buyers in the jewelery market today at falling prices.

Global gold tumbles as IMF calls for world central banks to continue tightening monetary policy amid high interest rates

As the dollar index rose against various major currencies in the world market and the bond yield also increased, the sale of funds in gold has increased in the world market. In the world market, the price of gold fell from 1817 to 1818 lows to 1809 to 1810 per ounce, and lastly at the end of the week there was news of 1811 to 1812 dollars.

Back to gold, global silver prices were also down from 21.09 to 21.10 to 20.74 an ounce and lastly 20.76 to 20.77 dollars. In the Ahmedabad market today, silver prices fell by Rs.500 per kg to Rs.65 thousand.

Ahmedabad gold prices fell by Rs.100 per 10 grams to Rs.57,500 at 99.50 and Rs.57,700 at 99.90. Meanwhile, as the dollar rose in the global market, the dollar price rose from Rs.82.74 to 82.75 to Rs.82.95 to 82.96 in the closed market today in the Mumbai currency market, currency market sources said.

Meanwhile, global platinum prices stood at $913-914 while palladium prices were tipped at $1415-1416. At the end of the week, global copper prices were tipped to remain negative by 2.30 to 2.35 percent. According to the news of the world market, the International Monetary Fund has called on the central banks of different countries of the world to continue strict monetary policy until inflation is controlled at the global level.

In the Mumbai bullion market today, the price of gold excluding GST was Rs.55733 at Rs.55733 at 99.50 while the price at Rs.55957 at Rs.99.90 was Rs.55755. Mumbai silver prices were quoted at Rs.63650 today, against Rs.64331 without GST. In Mumbai gold-silver prices including GST were three percent higher than this price.

However, there were indications of a further rally in crude oil prices in the world market. Market insiders were saying today that rupee was tumbling in the domestic currency market as crude oil rose. In the world market, the supply of Russia decreased and the demand of China increased, the price of crude oil rose. New York crude prices touched a high of 75.90 a barrel at 76.63 a barrel, and finally settled at 76.32 a barrel.

While the price of Brent crude was 83.39 in the height of 82.82 per barrel and was last at 83.16 dollars. Today, global experts were showing the possibility of gold prices falling further in the world market and falling within 1800 dollars per ounce.