Mumbai: The Mumbai jewelery market saw a huge decline in gold and silver prices today, which lagged behind the global market. There was a possibility that US President Trump’s aggressive tariff policy would affect the global economy. Experts were estimating a decline in jewelery exports from India. Gold prices in the global market fell from 3,123 to $ 3,124 an ounce from 3,054 to 3,063 to $ 3,064. Fitch was going to reduce China’s rating. Prices in the country’s jewelery markets today declined drastically, as the global market declined drastically and the government’s decision to reduce the dollar rate for importers reduced effective import duty.
The price of gold in Ahmedabad’s jewelery markets declined by Rs 100. 400 rupees per 10 grams. 93,100 for 995 and Rs. 93,400 rupees for Rs 999, while the price of Ahmedabad silver fell by Rs. 3,500 per kg 96,000. Like gold in the global market, silver price fell from $ 33.79 an ounce to $ 31.79 an ounce and $ 31.89 an ounce to $ 31.90 an ounce.
Today, crude oil prices declined by 6 to 7 percent on global level, which was also seen to have a negative impact on global gold prices. It was reported that OPEC, an organization from various crude oil producing countries, has decided to increase 411,000 barrel production per day. It was feared that the demand for crude oil would also be reduced due to the tariff war.
Global Brent crude oil prices fell to $ 69.91 per barrel today and closed at $ 70.08. US crude oil prices fell from $ 66.47 to $ 66.74. Globally, copper prices fell by three and a half percent.
Platinum prices fell from $ 956 to $ 958, while Paladium prices fell from $ 938 to $ 940. In the Mumbai bullion market today, the price of gold declined by Rs 1000. 89,983 for 995. Except GST, Rs 90,345 for Rs 999, while the price of Mumbai silver fell to Rs. 95,957 rupees except GST. Gold and silver prices in Mumbai were three percent higher than this price including GST.
Meanwhile, central banks from different countries around the world have been buying 1,000 tonnes of gold every year since 2022 and now, with the breakdown of the US dollar between the trade war, experts were predicting that such a purchase of gold by the central banks would increase.
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