Gold, silver pull back on world market: Crude pulls back

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Mumbai: The bullion market was officially closed today due to Saturday at the Mumbai jewelery market. However, after the closed market, the price rebounded after global market shocks. As the world market increased, the import cost at home increased. Gold prices in the world market were pointing to 2024 to 2025 highs from 2041 to 2042 to 2035 to 2036 dollars at the end of the week.

Funds buying was seen in global gold. Behind the world market today, the gold price of 10 grams in Ahmedabad jewelery market is Rs. 100 increased to Rs.64000 at 99.50 and Rs.64200 at 99.90. Ahmedabad silver price was Rs.71000 per kg. In the world market, behind gold, the price of silver also increased from 22.73 to 22.74 per ounce to 23.00 to 23.01 and finally the price was 22.95 to 22.96 dollars.

Global platinum prices rose from a high of 896 to 897 to 907 to 908 an ounce to last at 901 to 902 dollars. Palladium prices ranged from $998 to $999 to $976 to $977 in highs of $962 to $963.

Global copper prices, however, were trading 0.37 percent softer at the end of the week. Market experts were saying that the global gold prices have increased as the dollar index fell in the world market. In the Mumbai currency market today, the price of the dollar against the rupee fell from Rs.82.94 to around 82.90.

The world market saw a rapid fall in crude oil prices. There were signs of increased production in America. The world market was also discussing the possibility that OPEC crude producing countries will not cut production. The price of Brent crude in the world market dropped from 82.58 to 81.43 per barrel and lastly the price was 81.62 dollars. While the price of US crude fell from 77.37 to 76.35, the last price was 76.49 dollars. In the Mumbai bullion market today, gold prices without GST were being quoted at Rs.62025 at Rs.61760 at 99.50 and Rs.62275 at Rs.62008 at 99.90. While the Mumbai silver price was Rs.69,653 without GST at Rs.69,750.

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