Gold jumped to 18 1,800 amid fears of higher interest rates

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(Gujarat News Office) MUMBAI: Gold and silver prices rose in the Mumbai jewelery market today. Prices also rose in the Ahmedabad market today. Ahmedabad gold price was Rs. 100 per 10 grams, Rs. While in Ahmedabad, the price of silver today touched Rs 200 per kg again to Rs 4,000.

In the Mumbai market, gold excluding GST remained unchanged at Rs 915 from Rs 2.50 per ounce while gold at Rs 7.50 per ounce remained unchanged at Rs 305. While prices with GST were 5 per cent higher. Meanwhile, Mumbai silver prices were at Rs 6, excluding GST, at Rs 4,000 today, while those with GST were up 3 per cent. World market news was encouraging.

World gold prices jumped to close at ૮ 1,200 an ounce today. The dollar's index against various major currencies in the world market was met with overseas indications of increased fund-raising in gold. There were indications that the price of gold in the world market jumped from ૭૮૨ 15 to ૭૮૩ 15 per ounce to ૭૯૯ 15 to ૮ 1,200.

Behind gold, global silver was also trading at ૨૩ 4.5 to ૪૬ 7.5 an ounce, up from ૨૩ 4.5 to ૨૪ 7.5 an ounce today. According to market analysts, the rise in crude oil prices by about one per cent today has had a positive impact on gold prices.

World markets rebounded on demand against short supply of crude oil. New York's main contract, light sweet crude for delivery in New York, traded at ૨૮ 2.4 a barrel today, while Brent crude traded above ૮૫ 4.5 a barrel.

Meanwhile, platinum was quoted at ૪૬ 102 to ૪૭ 105 and વી 103 to ૬૬ 105 in the global market today. Palladium prices were quoted at ૨ 505 to ૨૪ 705 and V ૩૨ 505 to à«©à«© 705. Despite rising bond and treasury yields in the US, gold prices rose in world markets.

The possibility of a reduction in bond buying by the US Federal Reserve in the US was discussed in world markets today. In addition, global inflation has led to a rise in gold prices, market sources said.

Russia has cut interest rates. There are indications that interest rates will soon rise in Britain. In the US, too, experts are predicting an interest rate hike next year. Meanwhile, copper prices in the world market were showing a decline this evening.

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