Crude rises above $83 as rally continues

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MUMBAI: A rapid retreat was seen in the gold prices in the Mumbai jewelery market today. Silver prices rebounded after falling initially. The price of gold in the world market was 1966 to 1967 low from 1953 to 1954 to 1960 to 1961 dollars per ounce. Funds headed high in gold were easing in the world market today as the global dollar index rose ahead of interest rate hikes in the US.

Silver prices in the world market were 24.59 to 24.60 from 24.70 to 24.71 to 24.67 to 24.68 dollars per ounce. In the Mumbai market, the price of gold without GST was Rs 58,906 from Rs 59,196 at Rs 99.50 per 10 grams. While the price of 99.90 was Rs.59439 and Rs.59143.

Mumbai silver prices were Rs.73,889 to Rs.73,939 from Rs.74,190 per kg without GST. In Mumbai gold-silver prices with GST remained 3 percent higher than this price, while in the Ahmedabad market, gold prices were Rs. 61,000 at 99.50 and Rs. 61,200 at 99.90 and silver prices were at Rs. 74,500.

Meanwhile, platinum prices in the world market increased from 963 to 964 per ounce to 979 to 980 to 972 to 973 dollars. While the prices of palladium were from 1294 to 1295 from 1303 to 1304 to 1296 to 1297 dollars. Global copper prices rose by a brisk 1.80 to 1.85 percent today.

The bullishness continued today amid short supply and rising demand in the global market. New York crude prices increased by 77.62 to 790.8 to 78.72 dollars per barrel. While the price of Brent crude went up to 83.07 to 82.74 dollars in the high of 81.58.

Experts were showing the possibility of an increase in the interest rate of about five percent in the United States on Wednesday. The eyes of bullion market players were on the meeting of the US Federal Reserve.

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