look news india
Mumbai: There was a huge fall in the prices of gold and silver in Mumbai jewelery market today. As prices fell in the world market, domestic import costs declined. Today, the price of gold in the jewelery market of Anadwada fell below Rs 800 per 10 grams to Rs 79,000. Whereas in Ahmedabad, silver prices fell by Rs 2000 per kg to Rs 88 thousand. In Ahmedabad, gold prices fell from Rs 99.50 to Rs 78300 and from Rs 99.90 to Rs 78500. There was news of gold price falling from 2642 to 2643 per ounce in the world market, from 2600 to 2583 to 2584 to 2608 to 2609 dollars per ounce.
Global gold funds witnessed widespread selling as the dollar index rose and bond yields rose in the global market. Although the Federal Reserve in America has cut the interest rate by 0.25 percent, but after indicating that the interest rate cut will be slow in the new year 2025, the prices of dollar and gold were face to face in the world market.
On the other hand, news came that the Bank of England has kept the interest rate intact instead of reducing it. There was news that Chinese banks have increased mortgage rates for the first time after 2021.
However, today the fall of rupee in Mumbai currency market and the price of dollar reaching above Rs 85 also indicated that the market has got support from the low prices of jewelery market. Meanwhile, in the global market, silver prices stood at $ 29.41 an ounce, trailing gold. Platinum prices were at $931 while palladium prices were down from $901 to $916 to $917. Global copper prices fell by 1.65 percent today.
Meanwhile, gold prices closed at a high of Rs 75,326 and a low of Rs 99.50 at Rs 75,709 excluding GST in Mumbai bullion market today. Price dropped by Rs 99.90 to Rs 76013 from Rs 75629. Mumbai silver prices fell to Rs 86846 without GST and finally stood at Rs 87035.
There was pressure on crude oil prices in the world market. Brent crude prices were lower at $72.71 to $73.20 per barrel. The price of US crude was lower from $70.11 to $70.42.