Gold was quoted at Rs 49,500

(Gujarat News Office) Mumbai; The bullion market in Mumbai jewelery market was officially closed today due to Saturday. Prices were quoted higher in the closed market. Gold price was Rs 30 per 10 grams excluding GST at Rs 8.15 and Rs 30 at Rs 9.50 per 10 grams. While prices with GST were 5 per cent higher.

Meanwhile, Mumbai silver prices were quoted at Rs 500 per kg excluding GST, while those with GST were up 3 per cent. Meanwhile, in the Ahmedabad jewelery market, gold rose by Rs 200 to Rs 200 from Rs 4.50 and Rs 200 from Rs 4.50, while Ahmedabad silver remained quiet at Rs 2,000.

Meanwhile, gold prices in the world market jumped from ૭૯૯ 15 to ૮ 1,200 an ounce at one point to ૨ 1,215 to ૮ 1,215, after falling sharply from ઉ 1,200 to ૭૯૨ 12 at the end of the week. The boom turned out to be a sell-off of funds in gold.

Rising bond and treasury yields were seen as a boom in gold. Behind gold, silver also fell again to a high of ૪૫ 4.5 to ૪૬ 7.5 an ounce, from ૭૯ 4.5 to ૮ 7.50, and was trading at ૩૨ 4.5 to ૩૩ 6.5 over the weekend.

However, global experts were predicting that gold prices would rise further in the face of rising global inflation. According to global analyst Gerofalo, it would not be a surprise if the price of gold goes up to 5,000! In the long run, the price is predicted to be 5,000!

There have also been reports in the US that the Federal Reserve chairman has expressed concern about inflation. There have been encouraging second homecell statistics. Europe has warned the United States to pull out of the post-Brexit trade agreement amid growing differences between Europe and Britain over the Northern Island issue. If this happens, it is likely to create a new boom for gold in the world market.

Platinum, meanwhile, fell to ૪૨ 105 from ૬૫ 105 to ૬૬ 105 an ounce in the world market, last to ૪૩ 104 to ૪૪ 105, while palladium prices fell from ૨ 203 to ૩૩ 205 in 2015 to ૨ 2051 to ૨૨ 205. Copper prices fell by 1.50 per cent to 1.8 per cent during the weekend. Meanwhile, the rise in crude oil was slow. Brent crude was trading at ૩૯ 4.5, or ૬૯ 6.5, at ૩૯ 6.5 a barrel, while New York crude was trading at ૮૭ 6.5, or ૮૭ 6.5, at ૨૮ 6.5.

Crude oil prices have been rising in the world market for the last nine consecutive weeks and such a long rally was last seen in 2016. There were indications that OPEC would not rush to increase production. The surge in natural gas prices also had a positive effect on crude prices. Russia has raised interest rates due to rising inflation, and now Britain and the United States are considering it.