look news india
Mumbai: The bullion market of Mumbai remained officially closed today as it was Saturday. However, in the closed market, gold and silver prices continued to fall from the global market. However, the rate of decline remained slow as the dollar edged higher against the rupee at the close of the Mumbai currency market today, market sources said, with the rupee hitting a new low on expectations of further decline. This index reached its highest level in 21 months due to good manufacturing data in America.
Due to increase in dollar index in the world market, the price of dollar increased by Rs 83.43 against the rupee in Mumbai currency market today. Global gold was seen selling by funds due to rise in dollar in global markets.
In the world market, the price of gold ranged from 2157 to 2165 to 2166 dollars an ounce, with a low of 2174 to 2175 dollars an ounce. Behind gold, global silver prices were also lower at $24.71 to $24.72 an ounce, having ranged from $24.40 to $24.41 and $24.67 to $24.68 an ounce.
Meanwhile, in the domestic market, gold prices today fell by Rs 100 per 10 grams to Rs 68,200 per 99.50 and Rs 68,400 per kg in Ahmedabad jewelery market today, while silver prices in Ahmedabad stood at Rs 74,500 per kg. Meanwhile, in the global market, platinum prices were trading at $898-899 an ounce, up from $895 an ounce at $903-904.
Globally, palladium prices fell from a low of $999-1,000 an ounce to $986-987-988 an ounce. Global copper prices were last down 1.26 per cent. Crude oil prices also remained soft in the world market. Brent crude prices fell from $86.05 per barrel to $85.11 to $85.43. While the price of US crude oil was at a low of 81.35 from 80.42 to 80.63 dollars.
Meanwhile, in Mumbai bullion market today gold prices were trading at Rs 65,950 at 99.50, Rs 66,003 at 99.50 and Rs 66,268 at 99.90, while silver in Mumbai was at Rs 74052 at Rs 7400 without GST. Gold and silver prices in Mumbai were three percent more than this price including GST.
Second series of 2016 Sovereign Gold Bonds to be redeemed on March 28
The maturity date of Sovereign Gold Bond (SGB) 2016 Series-II issued on March 29, 2016 is fixed for March 28, 2024. According to the Reserve Bank of India list, the price for redemption of this SGB has been fixed at Rs 6601 per unit of the bond.
To reduce the existing demand for gold in the country, the government has started the SGB scheme since 2015. Under which investors are provided the option to invest in bonds according to the market price of gold.
However, despite this scheme, the expected reduction in the current demand for gold in the country is not being seen.
