Mumbai: The bullion market in Mumbai’s jewelery market was officially closed today due to Saturday. However, market sources said that the rise in gold and silver prices stopped in the closed market and remained on the decline. World market news was showing a decline in prices. In the global market, gold prices fell from 2347 to 2348 per ounce to a low of 2326 to 2327 per ounce and finally ended the week at $2337 to 2338. As the world market declined, prices again came under pressure in the domestic jewelery market.
Selling of funds was seen due to rise in global gold prices due to rising dollar index and rising bond yields in the world market. With GDP growth slowing in the US and inflation rising, the market had its eyes on the Federal Reserve meeting in the coming weeks. Meanwhile, trailing the global market, the dollar rose by Rs 83.35 to Rs 83.49 from Rs 83.48 at the Mumbai currency market today. In the jewelery market of Ahmedabad today, the rise in the price of silver stopped and fell by Rs 500 per kg to Rs 81000. Whereas in Ahmedabad, gold remained sluggish at Rs 99.50 per 74500 and Rs 99.90 at Rs 74700 per 10 grams. In the global market, behind gold, the price of silver also declined from 27.59 to 27.60 per ounce, from 27.08 to 2.09 per ounce to 27.20 to 27.21 dollars an ounce. Industrial profit figures in China remained weak. The market was also keeping an eye on the war again gaining momentum between Russia and Ukraine. Global copper prices were last higher by 0.78 per cent. Meanwhile, global platinum prices ranged from $911-912 to $917-918 an ounce at $915-916 an ounce. Whereas last time the price of palladium was 965 to 966 to 954 to 958 to 959 dollars. Crude oil remained soft in the world market. Brent crude prices ranged from 89.57 to 88.78 to 89.50 dollars per barrel. US crude prices were at $83.35 to $83.85, down from $84.19. Today in Mumbai bullion market, gold prices without GST were Rs 72158, Rs 99.50 at Rs 72000 and Rs 99.90 at Rs 72448 at Rs 72250.
