Fast bounce in precious metals: Silver gains close to Rs 75,000

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Mumbai: Bullion market was officially closed today due to Saturday in Mumbai jewelry market. However, the prices of gold and silver rose rapidly behind the world market in the closed market. World market news was bullish overnight. As the world market increased, the import cost at home increased, and the jewelery market saw a renewed boom today.

Gold prices in the world market ranged from 1996 to 1997 highs from 2003 to 2004 to last week's 2000 to 2001 dollars per ounce. According to the sources of the world market, the possibility of interest rates being reduced instead of increasing further in the US has been discussed and as a result, the global index of the dollar and the bond yield retreated at the global level, while in gold, due to this, the buying of funds has increased again.

Meanwhile, at home, gold prices rose by Rs.200 per 10 grams to Rs.62,500 per 99.50 and Rs.63,700 per kg in Ahmedabad jewelery market today, while Ahmedabad silver prices increased by Rs.500 to Rs.74,500 per kg. In the world market, behind gold, the price of silver increased from 23.72 to 23.73 to 24.34 per ounce, and finally the price was 24.33 to 24.34 dollars.

Global platinum prices ranged from a high of 916 to 917 to 938 to 939 an ounce, ending at $934 to 935 an ounce. While the price of palladium rose from 1053 to 1054 per ounce to 1079 to 1080 per ounce, there were indications of the price remaining at 1073 to 1074 dollars. In the Mumbai currency market today, the dollar was trading at Rs.83.34 against Rs.83.37 in the closed market.

Dollar prices were soft at home today behind the world market. Crude oil prices in the world market, however, remained on the decline. The issue of the export quota of African countries started the discussion in OPEC, and this meeting which was held recently was postponed, which is now to be met next week.

Meanwhile, global Brent crude oil prices settled at $80.58 a barrel from a low of 81.84 to end at $80.13 a barrel while US crude oil prices settled at $75.07 a barrel from a low of $76.79 a barrel. Meanwhile, in the Mumbai bullion market today, gold prices without GST were trading at Rs.61,400 at 99.50 at Rs.61,191 and at Rs.61,650 at Rs.61,437 at 99.90. While Mumbai silver prices were Rs.73046 to Rs.74000 without GST.

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