Crude steady, under $85 despite production cuts

– Ahmedabad Gold falls below Rs 59,000: Gasoline stocks in US under pressure from surging crude

– Precious metals also fall again behind the world market

Updated: Oct 6th, 2023

Crude firm, within $85 despite production cuts

Mumbai: Gold prices fell further in the Mumbai jewelery market today, while the prices of silver fell again following the upswing. World market news was showing a retreat. Gold prices in the world market were 1819 to 1820 and 1821 to 1822 dollars at a low of 1826 to 1827 dollars per ounce. Behind gold, global silver prices were also 21.04 to 21.05 dollars from 21.24 to 21.25.

Speculations of falling petrol diesel prices started as crude oil fell

Prices at home were also seen under pressure behind the world market. As crude oil prices collapsed rapidly in the world market, its impact was seen on global gold prices. Brent crude prices fell below 85 dollars a barrel and reached a low of 84 dollars.

Such low crude oil prices were seen in August. Meanwhile, the price of gold in the Ahmedabad jewelry market at home today is Rs. 10 per gram. 300 broke 99.50 Rs. 58600 and 99.90 Rs. 58800 were spoken. Ahmedabad Silver Kilo Rs. It was 69500.

Meanwhile, crude oil prices in the world market were lower at $84.06 to $85.23 with Brent crude at $88.93 a barrel, while US crude was down at $82.35 to $83.54 from $87.11 a barrel. New demand was slow. The news of huge increase in gasoline stocks in America was affecting the market. However, there were indications of a rise in crude oil stocks in September.

Market players were surprised by the plunge in crude oil futures despite the fact that Saudi Arabia and Russia have decided to continue the implementation of production cuts till the end of December. In the world market today, platinum prices were in the range of 880 to 881 at 864 to 865 dollars per ounce, while palladium prices were at 1186 to 1187 dollars at 1157 to 1158 dollars per ounce.

Global copper prices were down 0.31 percent today. Meanwhile, gold prices in the Mumbai bullion market were at Rs 99.50 excluding GST. 56426 worth Rs. 56329 while the price of 99.90 Rs. 56653 worth Rs. 56555 while Mumbai silver price excluding GST was Rs. 67446 worth Rs. 67204 were there. In Mumbai gold and silver prices including GST were three percent higher than this price.

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