Silver up against gold’s fall: Crude’s rise felt like a boom
Mumbai: The weather was mixed in Mumbai’s jewelery market today. Gold prices were down while silver was up. Gold price in the world market today was indicated to decline from 1746 to $1747 per ounce from 1738 to 1739 per ounce. Selling of gold funds increased in the world market.
Gain in global dollar index kept pressure on gold prices globally. The price of silver in the world market ranged from 20.91 to 21.21 and ranged from 21.23 to 21.24 an ounce, with a low of $21.22. In the domestic market, gold prices remained soft in the domestic market today. In Ahmedabad’s jewelery market, gold fell by Rs 100 to Rs 99.50 per 10 grams, falling to Rs 53,800 and Rs 54,000 to Rs 99.90 per 10 grams. However, silver in Ahmedabad gained Rs.500 per kg to Rs.61500 per kg.
The price of platinum in the world market ranged from $989 to $991 to $992 an ounce in the low range of $996 to $997, while palladium was priced at $1857 to $1883 to 1884 in 1867 to 1868. To save the trading industry in China, there were rumors that the government is considering reducing the reserve ratio for banks. World market experts say that if this happens, money liquidity will increase there.
Meanwhile, after the rise in crude oil prices in the global market, the pressure came again in the evening. New York crude prices ranged from $78.38 to $79.16 a barrel, after hitting a high of $81.13 a barrel at $81.95 a barrel. Brent crude closed at a high of 88.73 at $89.56 and a low of 85.39 at $86.32.
The American Petroleum Institute said that the stock of crude oil in the US decreased by 4.8 million barrels and prices increased in the world market. But then crude oil prices showed signs of falling again as fresh demand from China slowed.
Meanwhile, the rate of gold in the Mumbai market today rose from Rs 52,303 to Rs 52,208 at Rs 99.50, while the rate of gold rose from Rs 52,350 to Rs 52,513 without GST at Rs 99.90. Mumbai Silver price today increased from Rs.61,551 to Rs.61,243 to Rs.61,700 without GST.