Gold continues to advance: Silver is biased

Mumbai: Gold prices were higher today in the Mumbai jewelery market. Silver, however, remained sluggish. Gold prices rose in the world market. The global gold prices increased from 2018 to 2019 to 2027 to 2028 dollars per ounce today. As the global index of dollar and bond yield decreased, the buying of funds in global gold increased. Today, in Ahmedabad market behind Vishwa Bazar, the price of gold increased by Rs. 100 per 10 grams to Rs. 63,900 at 99.50 and Rs. 64,100 at 99.90.

Ahmedabad silver price was Rs.72000 per kg. In the world market, the price of silver was 22.91 to 23.12 to 23.13 to 23.07 to 23.08 dollars per ounce. Global platinum prices were lower at $896 to $910-911 an ounce while palladium prices were lower at $938 to $970-971 an ounce. Global copper prices fell by 0.48 percent today.

Meanwhile, crude oil prices in the global market were softening today after touching a 3-week high. New demand was slow. The price of Brent crude oil was 82.72 to 82.94 dollars today at a low of 83.23 per barrel. US crude prices were at 78.66 to 78.83 dollars from a low of 79.06.

In the Mumbai bullion market today, gold prices rose to Rs.61,890 from Rs.61,769 at Rs.99.50 without GST. While the price of 99.90 was increased by Rs.62017 to Rs.62139 while the price of silver without GST decreased by Rs.71210 to Rs.70802 to Rs.70898.

Market players were keeping an eye on the minutes of the last meeting of the US Federal Reserve which was released on Wednesday (today). As the price of dollar fell to Rs.83 against the rupee today, market insiders said that the increase in the price of gold in the jewelery market has been limited to that extent.