Precious metal crash behind world market: Silver gap of Rs.1958 per kg

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MUMBAI: With the good housing data in the US, the dollar index rose in the world market, the prices of both the precious metals gold and silver fell rapidly in the Mumbai jewelery market today, due to the trend towards softening of the prices due to the selling of the funds in the gold and silver in the world market. In gold, Rs. 481 per 10 grams and in silver, Rs. 2000 per kg were exchanged.

US in America Funds eased bullish trades in precious metals in global markets today, cautious amid Federal Reserve Chairman Jerome Powell's testimony on interest rate policy. Gold fell as much as $3.31 an ounce to close at $1933.10 an ounce, while silver fell 17 cents an ounce. was prevailing near 22.96 dollars.

In the Mumbai jewelery market today, gold per 10 grams excluding GST fell by Rs 481 to Rs 58,864 at 99.90 and Rs 59,345 at Rs 59,345 and Rs 59,107 at 99.50 at Rs 479 today. 58,628 remained. While the previous close of Rs. 999 per kg was Rs. 72,091, today it fell by Rs. 1958 to Rs. 70,133. With GST, these prices were raised by three percent.

Ahmedabad gold and silver market opened today after being closed yesterday for Rath Yatra, the price of gold per 10 grams without GST fell from Rs. 99.90 to Rs. 61,000 to Rs. 60,700 and from Rs. 99.50 to Rs. 60,800. 500 were placed. With GST, prices were up by three per cent. While the price of silver decreased from Rs.73,300 to Rs.18,000 to Rs.71,500 per kg without GST.

With GST, these prices were raised by three percent. In the world market late in the evening gold fell by 3.31 dollars per ounce to 1933.11 dollars, silver decreased by 17 cents to 22.96 dollars per ounce. Platinum fell by $9 per ounce to $955 and palladium fell by $30 to $1,357 per ounce.

Uncertain forecasts for industrial demand in an effort by China to boost the economy's recovery with stimulus have led to weak oil demand forecasts and the U.S. International crude prices saw narrow two-way swings today amid reports that Federal Reserve Chairman Jerome Powell's testimony will signal further monetary policy tightening. Brent crude was at $75.92 a barrel and New York-Nymex crude was up 9 cents at $71.28 a barrel.

In the forex market today, the rupee strengthened by 8 paise to 82.04 against the US dollar. While against the Euro, the rupee increased by three paise to 89.47 and against the British pound, the rupee rose by 39 paise to 104.25.


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