Global crude to hit $100: Gold and silver soften

MUMBAI: Gold and silver prices were soft in Mumbai jewelery market today as prices rose. Although the prices in the world market increased, but in the domestic currency market today, the import cost and market prices were under pressure in the jewelery market as the dollar price fell against the rupee. The price of gold in the world market increased from 1934 to 1935 to 1932 to 1933 dollars today.

Funds were active buyers in global gold as the dollar index retreated and bond yields also fell from high in the world market. Behind gold, global silver prices also rose to 23.34 to 23.28 to 23.29 dollars. Meanwhile, gold prices were Rs.61,000 at 99.50 per 10 grams and Rs.61,200 at 99.90 per kg and silver prices were at Rs.73,000 per kg in the Ahmedabad market.

In the Mumbai currency market today, the price of Dover fell by 20 paise against the rupee. Meanwhile, global crude oil prices continued to retreat from the highs. The price of Brent Crude, which rose above 95 dollars and reached a high of 96 dollars, today fell again to a low of 92.76 to 93.56 dollars. US food prices were lower at 89.90 to 90.44 dollars.

Crude saw a profitable sell-off as new demand slowed to a higher head. Meanwhile, global copper prices were 0.60 percent plus today. Global platinum prices rose to $947 to $942-943 an ounce while palladium prices were tipped to rise to $1292-1293.

Meanwhile, in the Mumbai bullion market today, gold prices rose to Rs 59,079 from Rs 59,086 to Rs 59,148 without GST, while the price of 99.90 rose to Rs 59,317 from Rs 59,324 to Rs 59,386. Mumbai silver price without GST was Rs.72212 to Rs.72074 today to Rs.72204. In Mumbai gold and silver prices including GST were 3 percent higher than this price.

Global crude oil prices fell today despite indications of a more-than-expected decline in crude oil stocks in the US, as well as indications of a significant drop in shale output there, with indications that daily output is likely to fall to a record 93.93 lakh barrels in October.

There were signs that such production has fallen to a new low after May-2023. The American Petroleum Institute said that the stock of crude oil has decreased by 52.50 lakh barrels. Meanwhile, according to Goldman Sachs, global crude oil prices are likely to rise further to $100. There is a supply deficit in crude oil in the world market.