Gold and silver rise as dollar rises; platinum and palladium retreat

Mumbai: Silver rose today in the Mumbai jewelery market while gold prices were soft. However, as the dollar rose against the rupee, precious metals rose sharply in the Ahmedabad market. Ahmedabad gold prices increased by Rs.400 per 10 grams to Rs.61300 per 99.50 and Rs.61500 per kg at 99.90 while Ahmedabad silver prices increased by Rs.500 to Rs.74000 per kg.

After the dollar edged higher against the rupee in official deals today, private prices were seen higher in the late evening. Experts were showing the possibility that the rupee will see a new low in the Mumbai currency market on Tuesday (today). After the market closed late on Monday evening, the price of the dollar in offshore deals increased further to around Rs.83.50 to Rs.83.55. Meanwhile, global gold prices remained soft today as the dollar index and bond yields rose in global markets.

The gold prices in the world market today were at the low of 1925 to 1926 from 1920 to 1921 to 1924 to 1925 dollars per ounce. Global silver prices, however, increased from 24.56 to 24.57 to 24.64 to 24.58 to 24.59 dollars an ounce. Global platinum prices were at 925 to 928 to 929 dollars per ounce today from 930 to 931 dollars per ounce. While palladium prices were at a low of 1254 to 1255 per ounce from 1244 to 1251 to 1252 dollars.

Global copper prices fell by 0.22 percent today. Meanwhile, crude oil prices rose again in the global market. A short supply situation was observed. The price of US crude was 90.03 to 90.65 to 90.35 dollars per barrel. While the price of Brent crude was 93.27 from 94.03 to 93.74 dollars. There was news that the number of oil rigs producing crude oil in America has decreased to the lowest level in a year and a half.

Meanwhile, in the Mumbai bullion market today, gold prices were Rs.58,892 at 99.50 and Rs.59,129 at 99.90 without GST, while Mumbai silver prices were at Rs.73,015 without GST. Mumbai silver saw a slow recovery while Mumbai gold saw a slow decline. In Mumbai gold-silver prices including GST were three percent higher than this price.

Meanwhile, there was news that the government has increased the dollar customs exchange rate for importers from Rs.83.95 to Rs.84.05. As a result of this, there has been an increase in the effective import duty of the precious metals imported into the country, market insiders said.