Gold rose again behind world markets

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MUMBAI: In the Mumbai jewelery market, gold prices rebounded after a shock today, while silver prices were sluggish. The price of gold in the world market increased from 1993 to 1994 to 1997 to 1998 to 1996 to 1997 dollars. Gold prices were firm even at home behind the global market.

In the Mumbai bullion market, gold prices were Rs.61,191 from Rs.61,148 at Rs.99.50 per 10 grams without GST. While the price of 99.90 was Rs.61394 and Rs.61437. Mumbai silver prices stood at Rs 73,046 against Rs 73,065 per kg without GST, the global dollar index fell to 104.48 against various major currencies in the world market.

There was talk of increased buying of funds in global gold due to retreat in the global dollar. Behind gold in the world market, silver prices also increased from 23.66 to 23.75 to 23.72 to 23.73 dollars per ounce. Global platinum prices were at a low of 924 to $911 to $916 to $917 an ounce while palladium prices were to a low of 1055 to $1043 to $1053 to 1054 an ounce.

Global copper prices were 0.21 percent softer today. At home, gold prices were being discussed at Rs.63,300 at 99.50 and Rs.63,500 at 99.90 in Ahmedabad jewelery market today. While Ahmedabad silver price was Rs.74000.

In the Mumbai currency market today, against the rupee, the dollar was at Rs.83.35 to Rs.83.37 to Rs.83.37. Crude oil prices continued to rise slowly in the world market. Brent crude prices were 81.25 to 81.84 dollars per barrel, US crude prices were 76.42 to 76.87 dollars to 76.79 dollars.

The recent meeting of the Organization of the Crude Oil Producers (OPEC) has been postponed and now this meeting is to be held next week, the world market players are watching to see what approach is taken to cut crude oil production in the next meeting.

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