Gold, silver advance: Global copper jumps as China cuts reserve ratio

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Mumbai: The prices of gold and silver rose in the Mumbai jewelery market today. As the world market increased, import costs at home increased. There were indications of increased buying of funds in global gold as the global dollar index against various major currencies in the world market declined again from the peak of one and a half months and the bond yield also retreated.

Gold prices in the world market increased from 2024 to 2025 to 2033 to 2034 dollars per ounce. Behind Vishwa Bazar, the price of gold rose by Rs 100 to Rs 99.50 to Rs 64,400 and Rs 99.90 to Rs 64,600 per 10 grams in Ahmedabad jewelery market. Ahmedabad silver price increased by Rs.1000 to Rs.72500 per kg.

In the world market today, behind gold, the price of silver increased from 22.28 to 22.9 per ounce, from 22.79 to 22.80 to 22.77 dollars. Meanwhile, there was news that the government in China has decided to reduce the reserve requirement for banks by 0.50 percent from February 5. As a result of this, the price of copper in the world market increased by 2.10 to 2.15 percent, and its positive effect was seen on global silver.

The price of platinum in the world market was 914 dollars while the price of palladium was 968 dollars. The price of Brent crude was 79.20 dollars per barrel and the price of US crude was 74.18 dollars.

In the Mumbai bullion market today, gold prices without GST were Rs.62,340 at Rs.62,105 at 99.50 while at Rs.62,591 at Rs.62,355 at 99.90. Mumbai silver prices rose by Rs.70311 to Rs.71072 without GST.

In the currency market today, the dollar price against the rupee fell by 3 paise to Rs.83.13. The global index of the dollar had reached a high of 103.82, indicating a speed of 103.05. Forward premiums of the rupee rose in the Mumbai market today. The British pound rose by 27 paise to cross Rs 106 to Rs 106.12 against the rupee in the Mumbai market. The price of Euro increased by 10 paise to Rs.90.65. The currencies of Japan and China also rose against the rupee.

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