look news india
Mumbai: The rise in silver prices in Mumbai's jewellery market today came to a halt and prices retaliated. Gold prices also declined. The decline was being seen in the news of the world market. As the world market declined, domestic import cost came down and due to lack of fresh demand at higher levels, profit selling was seen in gold and silver today. Silver prices fell by Rs 500 to Rs 93500 per kg in Ahmedabad's jewellery market today.
In Ahmedabad, gold prices fell by Rs 400 per 10 grams to Rs 99.50 to Rs 74150 and Rs 99.90 to Rs 74350. In the global market, silver prices were at $31.14 to $31.31 to $31.32 per ounce and $31.91 to $31.92 per ounce, while global gold prices were at $2322 to $2337 to $2338 per ounce and $2343 to $2344 per ounce. Due to rise in gold in the world market, selling by funds was seen. The market was eyeing US inflation data.
Globally, copper prices fell by 3.28 percent, which affected silver prices. As soon as crude oil prices fell in the world market, it affected gold prices. The American Petroleum Institute said that crude oil reserves in America have decreased by 19 lakh barrels, but in reality crude oil reserves have decreased by 65 lakh barrels.
However, global crude oil prices were showing signs of falling due to a lack of new demand. Brent crude oil prices were trading lower at $84.77 a barrel today, down from $83.09 to $83.14. US crude prices were down from $80.39 to $78.76 to $78.87.
In Mumbai bullion market today, the price of gold at 99.50 rose from Rs 71,702 to Rs 71,826 at Rs 72,123 without GST, while silver at 99.90 rose from Rs 71,990 to Rs 72,115 at Rs 72,413. Mumbai silver prices without GST rose from Rs 24118 to Rs 92673.
Meanwhile, the price of platinum in the world market today was at a high of 1025 to 1030 to 1031 dollars and a low of 1042 to 1043 per ounce. Palladium prices were at a high of 940 to 951 to 952 dollars and a low of 956 to 957. According to the World Bank's Commodity Outlook 2024, mid-year, the price of silver is expected to rise not only this year but also next year.
The global silver supply deficit is estimated to be 18 to 19 million ounces in 2023, and experts expect this supply deficit to grow to 17 percent in 2024.
