Gold price drops by Rs 3000, silver by Rs 20,000

Mumbai: Gold and silver prices in the Mumbai jewellery market today witnessed a sharp decline. Although the rupee depreciated against the dollar at home, the country's jewellery markets were hit by a slowdown today as the prices of precious metals collapsed in the world market. The global market saw gold prices fall by $170 to $175 per ounce today, leaving players stunned.

Behind the world market, gold prices in the Ahmedabad jewellery market today fell by Rs 3000 per 10 grams and silver prices by Rs 20,000! The global market price of gold, which had fallen from $4705 to $4706, fell to $4532 at the lowest level and was now $4549 to $4550. Market experts were saying that the global dollar index increased, leading to increased selling of funds in global gold today.

Meanwhile, behind gold, global silver prices fell from 86.51 per ounce to 77.63 to 77.64 dollars. Domestically, Ahmedabad gold prices fell to Rs. 162,700 for 995 and Rs. 163,000 for 999. Ahmedabad silver prices plunged by Rs. 2 lakh 60 thousand. In the Mumbai bullion market, gold prices plunged to Rs. 157,577 for 995 without GST and Rs. 158,210 for 999.

Mumbai silver prices fell to Rs. 268,500 including GST. Mumbai gold and silver prices with GST were 3 percent higher than this price. In the world market, Brent crude prices rose from 104.54 to 109.68 per barrel to 108.31 dollars.

There were signs of continued friction between Iran and America. Meanwhile, US crude prices rose to $105.31 from a high of $104.48. Crude stocks were expected to decline. Platinum prices fell from $2097 to $1980 per ounce to $1985-1986.

Platinum prices in Mumbai bullion bazaars today fell by Rs.4000 per 10 grams to Rs.71559. Palladium prices in the world market fell from $1461 to $1414 to $1421-1422. Copper prices fell by about five percent today. World market sources were saying that the impact of the recession is now visible on the price of gold in the world market as India's import duty increases and import restrictions also increase. India is considered an important buyer of gold in the world market.

FAQ

1. Why did the prices of gold and silver suddenly fall so much? Due to the increase in the dollar index globally, the selling of funds has increased. In addition, the increase in import duties and import restrictions in India has had a negative impact on the global market.

2. How much have the prices of gold and silver fallen in the domestic market? In the domestic market, the price of gold has fallen by about Rs. 3,000 per 10 grams and the price of silver by Rs. 20,000 per kg.

3. What are the current prices of gold and silver in the Ahmedabad market? In Ahmedabad, the price of 999 touch gold has reached Rs. 1,63,000 (per 10 grams) and the price of silver has reached Rs. 2,60,000 (per kg).

4. Why did the prices of crude oil rise despite the decline in precious metals? The prices of crude oil have risen due to signs of increasing friction between the US and Iran and reports of a decline in crude stocks.

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Against the dollar, the rupee fell further to 95.97 near 96