Ahmedabad gold loses Rs.60,000 level: Gold slump in world market

AHMEDABAD, MUMBAI: The direct impact of gold prices was seen in the local markets after the negative reports in the global markets. Gold prices fell further in Ahmedabad and Mumbai jewelery market today. While the prices of silver rose rapidly after the shock. In the Ahmedabad market, gold prices fell to Rs. 59800 from 99.50 and Rs. 6000 from 99.90. While Ahmedabad silver price was Rs.72500 per kg.

Meanwhile, the monthly drop in gold prices in the world market in September was the biggest monthly price drop in the last 7 months, market sources said. Gold prices fell further in the world market. While there were indications that the prices of silver, platinum, palladium and copper have increased. In China, there were signs that the economy was coming out of recession. Meanwhile, gold prices in the world market ranged from 1875 to 1876 lows from 1862 to 1863 to 1870 to 1871 dollars per ounce. Selling of funds in global gold continued. Meanwhile, gold prices continued to fall behind the global market at home.

Ahmedabad gold prices fell within Rs.60 thousand per 10 grams. Ahmedabad silver price was Rs.72500 per kg. Meanwhile, silver prices in the world market, however, stopped falling and increased from 22.56 to 23.15 to 23.11 to 23.12 dollars per ounce. Platinum prices increased by 899 to 925 to 924 dollars an ounce. Palladium prices increased from 1232 to 1289 to 1288 dollars. Global crude oil prices rose by 1.58 percent today.

Crude oil prices eased at the higher end. The price of US crude was 92.86 dollars against 93.40 per barrel. While the price of Brent crude was 96.24 to 96.10 dollars. In America, however, there was news of a decrease in crude oil stocks. The OPEC meeting is scheduled to meet in Vic on October 4. Crude oil prices in the global market were softer today heading higher amid indications that the meeting would ease production cuts and consider increasing supply.

Meanwhile, in the Mumbai bullion market today, gold prices excluding GST stood at Rs.57,766 at Rs.57,488 at 99.50 and Rs.57,719 at Rs.57,998 at Rs.99.90. While Mumbai silver prices were Rs.70432 to Rs.71604 without GST. In Mumbai gold and silver prices including GST were 3 percent higher than this price.