Mumbai: The bullion market in Mumbai’s jewelery market remained officially closed today. However, gold and silver prices fell sharply in the global market in the closed market. Prices of precious metals fell in the country’s jewelery markets today due to decline in domestic import costs due to the decline in the world market. New demand remained slow.
Due to increase in global dollar index and bond yields amid the US Federal Reserve meeting, selling of funds in global gold was expected to increase in the global market. The price of gold in the world market kept falling within $ 2300 per ounce.
Amidst the strength of the dollar index in the world market, today the price of dollar in Mumbai currency market is trading around Rs 83.44 to Rs 83.50 against the rupee.
Meanwhile, in the jewelery market of Ahmedabad today, gold fell by Rs 500 to Rs 99.50 per kg and silver fell by Rs 500 to Rs 80 thousand per kg.
In the world market, gold prices ranged from 2281 to 2282 dollars, 2297 to 2298 dollars and were at the low level of 2311 to 2312 per ounce. Behind gold, global silver prices also declined to $26.50-26.51 an ounce from $26.54-26.55 an ounce. As crude oil prices fell in the world market, its impact was also seen on global gold prices.
The American Petroleum Institute said that crude oil reserves in America have increased by 49 to 50 lakh barrels. After this, the price of Brent crude in the world market fell from 84.78 to 84.90 dollars to a low of 88.48 per barrel. The price of US crude increased from 82.90 to 80.34 to 80.38 dollars.
Global copper prices were 0.54 percent softer today. Today the price of copper in the London Metal Exchange fell to within 3 month futures price of $ 9900. Which recently went above 10 thousand dollars. Ready prices were trending below $9800.
