Ahmedabad, Mumbai: The global environment has now become tense amid the ongoing war in the Middle East when Iran has fired more than 200 missiles at Israel. There is a fear that this attack by Iran may cause a major blow to the global economy. Iran has warned that this was just a trailer and that it would have to be prepared for more damage if it retaliated against Israel. On the other hand, Israel also saw the return of the safe-haven fund to gold as a shocking response to Iran. On the other hand, global crude oil prices rose sharply.
After the global market, its impact was also seen on the domestic markets. In Ahmedabad jewelery market today, gold prices rose by Rs 200 per 10 grams to Rs 99.50, Rs 78,000 and Rs 99.90 to Rs 78,200. Ahmedabad silver price was Rs 90 thousand per kg. Meanwhile, the price of gold in the world market was indicated to be at the lowest level of 2644 to 2645 per ounce and at the highest level of 2663 to 2664 to 2651 to 2652 dollars per ounce.
The Indian market is closed today on October 2, but due to the impact of the attack on the night of the 1st, a 5 percent decline in crude oil prices was seen in the global market and a bullish trend was seen in gold and silver. Gold and silver were trading sluggishly on Wednesday, but crude oil prices rose by 2-3 percent for the second day today. Just a week ago, crude had reached its lowest level of $68-69 since May 2023 and now there has been a sudden jump of more than 10 percent, due to which this concern has increased.
Due to the sharp increase of 4 to 5 percent in the prices of crude oil in the world market, its positive effect was seen on the global gold prices. In the world market, Brent crude prices were at $ 76.14 to 75.92 per barrel from a high of 71.00, while US crude prices were at $ 72.49 to 72.31 per barrel from a high of 67.40.
Market experts were saying that the market price rose like a spring amid fears of global supply of crude oil amid tensions between Iran and Israel.
Meanwhile, the market is also keeping an eye on the OPEC meeting. The American Petroleum Institute said that crude oil reserves in America have decreased by 14 to 15 lakh barrels. However, there was news that the stock of gasoline has increased by 9 lakh 9 thousand barrels.
Along with the increase in the price of crude oil in the world market, the rupee witnessed a decline due to the rapid rise in the price of dollar against the rupee in the closed market today in Mumbai currency market. There was discussion in the market that the price of dollar increased from Rs 83.82 to Rs 84 today. Market experts were saying that the fall in rupee and rise in dollar had an impact on the jewelery market as well.
Meanwhile, platinum prices in the world market were at a high of $994-995, low of $986 and $1001-1002 at $998-999 an ounce. Palladium prices were at a low of $999 in 1004 to 1005 and a high of $1013 to 1014 per ounce in 1017. Global copper prices rose by 0.77 percent today.
Today, the bullion market in Mumbai's jewelery market remained officially closed on the occasion of Gandhi Jayanti. In the market today, gold price was trading at Rs 75,500, Rs 75,213 at 99.50 and Rs 75,800 at Rs 99.90, while in Mumbai the price of silver was trading at Rs 89,882 at Rs 90,700 without GST. In the global market, silver price ranged from $31.00 to $31.00 and $31.58 to $31.47 to $31.48, with a high of $31.40 to $31.41 an ounce.
This is a sign that inflation is about to hit again
Due to crude, the accounts of many countries can get ruined and especially the condition of top crude importing countries like India becomes very bad in such a situation. The US has recently started cutting interest rates to curb inflation and two more rate cuts are expected in the next six months. Along with this, there is no possibility of interest rate cut in India next week, but there have been indications from RBI about interest rate cut in December. However, in this tense situation in the Middle East, all eyes will be on the next move of the RBI.