look news india
Mumbai: The bullion market in Mumbai's jewellery market was officially closed today on account of Saturday. However, gold and silver prices stopped rising in the closed market and lagged the global market. The news of a sharp fall in prices in the global market overnight came and this led to a sell-off in the domestic market as the precious metals rebounded and new demand slowed. The price of gold in the world market fell from 2473 to 2474 per ounce to 2410 to 2411 per ounce at the end of the week, with a range of 2443 to 2444.
Meanwhile, in the domestic market, gold prices remained soft at Rs 72,800 per 10 gram and Rs 73,000 per 99.90 gram in the jewellery market of Ahmedabad, while silver prices rose by Rs 1,000 per kg and Rs 83,500 per kg in Ahmedabad. Following gold in the global market, the price of silver also declined from 29.12 to 29.13 to $ 27.94 per ounce and finally the price settled at $ 28.55 to $ 28.56. However, there was news that the global dollar index was at 103.22.
Meanwhile, global crude oil prices fell sharply by 3.5 per cent, which impacted global gold prices. Brent crude prices fell from 78.76 per barrel to $76.42 per barrel and closed at $76.81 per barrel, while US crude fell from 75.25 to 72.97 and closed at 73.52. OPEC, the Organization of Petroleum Exporting Countries, has reported an increase in production in July.
Meanwhile, global platinum prices fell from $971 to $972 per ounce to $955, ending at $959 to $960 per ounce. Palladium prices rose from 906 to 907 to 888, and finally settled at $895 to 896. Global copper prices, however, were up by more than 0.50 per cent.
In Mumbai bullion market today, gold prices were at Rs 69,700 and Rs 70,110 at 99.50 and Rs 70,000 at 99.90 and Rs 70,392 respectively while silver prices were at Rs 83,501 and Rs 82,650 without GST. Gold and silver prices with GST in Mumbai were 3% higher than this price.
The price of dollar against rupee today increased from Rs 83.74 to Rs 83.82 in Mumbai currency market.
