look news india
Ahmedabad, Mumbai: After reports of China stopping new purchases of gold spread panic in the global market and employment growth data in the United States came better than expected by global funds today, there was a massive sale of gold in the world market and its direct impact was seen on the local gold and silver market. Based on these reports, gold fell sharply by Rs 2,000 and silver by Rs 1,500 in Ahmedabad gold and silver market today.
The bullion market in Mumbai's jewellery market was officially closed today due to Saturday. However, gold and silver prices saw a sharp decline in the global market on the back of the closed market. The price of gold in the world market fell from 2320 to 2321 per ounce at the end of the week to 2300 to 2286 to 2287 per ounce, there were indications that the price was 2293 to 2294 dollars. As the world market fell, domestic import costs came down sharply, a big difference in prices was seen in the country's jewellery markets today.
In the jewellery market of Ahmedabad, the price of gold today fell by Rs 2000 per 10 grams, Rs 99.50 to Rs 72300 and Rs 99.90 to Rs 72500. Market insiders said that a fall of Rs 2000 in price in one day was not seen before. Ahmedabad Silver price today fell by Rs 1500 per kg to Rs 90500. Silver price in the global market fell from 29.99 to $ 30.00 per ounce, price 29.03 to 29.04 and finally price 29.15 to $ 29.16.
According to global market sources, China's halt to new gold purchases and good employment growth figures in the US have indicated increased selling of gold by funds globally. There was a panic in the global bullion market when figures emerged that China had stopped buying gold for 18 consecutive months in May.
Meanwhile, there was a discussion in the market that the rise in the dollar index and the increase in bond yields globally put pressure on gold prices, while the job growth figures in the United States were good. There was news that job growth in America increased to 2 lakh 72 thousand, which was expected to be 1 lakh 85 thousand.
However, there was also news of unemployment rate being 3.90 to 4.00 percent. Meanwhile, market sources said that at the close of the Mumbai currency market, the price of dollar against rupee increased from Rs. 83.38 to Rs. 83.53 to Rs. 83.54.
Meanwhile, copper prices in the global market fell by 4.16 per cent last seen. In Mumbai bullion market today, the price of gold without GST was Rs 71625 at 99.50 and Rs 71913 at 99.90. The price of silver in Mumbai was quoted at Rs 90,535 per gabadi without GST and Rs 87,900 per gabadi.
Gold and silver prices in Mumbai were three per cent higher than this price including GST. Meanwhile, crude oil prices also declined in the world market. Brent crude prices fell to a low of $ 80.19 per barrel from $ 79.32 to $ 79.62, while US crude prices fell to a low of $ 76.21 to close at $ 75.53.
