Gold-silver prices plummeted: World markets fell 80 80

Amid signs of rising interest rates in the US

Panic spreads in gold as dollar index rebounds: Ahmedabad gold falls to close at Rs 49,000

MUMBAI: The country's jewelery markets turned sharply down again today. The news of a sharp fall in the price of gold from 75 75 to 80 80 per ounce in the world market also caused panic in gold and silver at home.

There was widespread selling in the market. Buyers were sidelined at break-even prices. In the Ahmedabad market, gold fell by Rs 700 per 10 grams and silver by Rs 1,500 per kg. Mumbai, Delhi, Calcutta, Chennai Vs. Jewelery markets in various cities today witnessed a sharp fall in prices.

In the Mumbai jewelery market, gold without GST fell to Rs 47,400 and silver to Rs 69,500 without GST. While prices with GST were three per cent higher than this. Import sources of precious metals have come down due to the collapse of the global market and this has put pressure on prices, market sources said.

According to world market news, the US Federal Reserve's meeting showed signs that interest rates would be raised sooner than expected.

Rising bond and treasury yields also weighed on gold. Silver traded lower at .7 27.76 to .7 27.77 an ounce in global trade today. Other precious metals behind gold also fell today.

Platinum fell from 11 1149 to 50 1150 an ounce today to 108 1086 to 7 1087, while palladium fell from 27 2773 to 7 2774 an ounce today to આજે 2629 to 26 2630. According to market analysts, the downturn in global markets has also been offset by China's withdrawal from its stockpile of metals and falling copper.