look news india
Mumbai: The decline in gold and silver prices in Mumbai's jewellery market, which started from a peak, continued today. As prices fell further in the world market, domestic import costs came down and falling prices in the jewellery markets created a situation of more sellers and fewer buyers. Gold prices in Ahmedabad's jewellery market today fell by Rs 700 per 10 grams and the price reached Rs 2200 in two days.
In Ahmedabad market today, the price of gold was Rs 74100 at Rs 99.50 and the price of silver was Rs 91 thousand per kg. In the global market, the price of gold was 2325 to 2340 to 2341 dollars and the lowest level was 2363 to 2364 per ounce. There was a discussion that the selling of funds in gold has increased. Due to the fall of dollar against rupee in the domestic currency market, its negative effect was also seen on the jewelry markets of the country today.
Globally, gold prices were under pressure due to high inflation in the US and chances of a rate cut now seem to be fading away. Behind gold, global silver prices were also up $30.04 at $30.56 to $30.57 an ounce, up from $30.64 to $30.65 an ounce.
Copper prices were down by 0.40 per cent in the world market today. Copper's price fell on silver. When the price of crude oil fell, it affected the price of gold. Global crude oil prices were at $80.75 to $81.00 per barrel, with Brent crude at $82.52 per barrel, while US crude was at $76.15 to $76.53 per barrel and gold at $78.44 per barrel. New demand remained slow.
Indications of no reduction in interest rates in the US also affected crude. Global platinum prices were at $1015 to $1025-1026 an ounce from a low of 1038-1039. While palladium prices were at $962 to $967 to $968 from a low of 99 to 992.
Today, the price of gold at 99.50 in Mumbai bullion market was Rs 72534 without GST and Rs 71740 without GST, while the price of silver in Jajer Mumbai was Rs 90055 without GST and Rs 89762 without GST. The price of gold and silver in Mumbai was 3 percent higher than this price including GST.