Mumbai: Gold rises by Rs 1,000, silver by Rs 2,000

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(By commerce representative) MUMBAI: Gold rose sharply in the US market on October 31, hitting a 21-year high. Gold hedging as a hedge against investor inflation pushed up prices. Gold and silver prices were also strong locally behind the world market. As the rupee weakened against the dollar, the import cost of gold rose. Global crude oil prices were down. In the Mumbai market, gold rose by Rs 1,000 and silver by Rs 2,000.

In the domestic market, gold at Rs 9.50 per ten grams, which had closed at Rs 215 excluding GST yesterday, rose to Rs 215 today. The price of 7.50, which was Rs 61 yesterday, closed at Rs 71 today. Gold has seen an increase of about one thousand rupees. Prices were quoted three per cent higher with GST.

Silver. The price of one kilogram which was Rs. 3 yesterday without GST yesterday was approximately Rs. Prices were set three per cent higher with GST.

In Ahmedabad, gold rose by Rs 200 and silver by Rs 1,000. Gold was priced at Rs 30.50 per ounce while the price per ten grams of gold was Rs 30,700. Silver. ૯૯૯ Rs.

Investors' rise in gold as a hedge against inflation in the global market led to higher prices. Gold rose from ૮૨૭ 15 an ounce to ૯૬૨ 17 and was trading at ૮૫૭ 16 late in the evening. Silver traded higher at ૨ 8.50 an ounce, up from ૨ 2.05 an ounce in late trading. The other precious metal, platinum, rose by 20 to à«® 1,050, while palladium rose by ડો 20 an ounce to à««à«­ 303.

In the United States, October inflation rose to an annual rate of 2.50%, the highest since November 190.

In crude oil, New York crude was trading at à«­à«« 70.8 a barrel, while Brent was trading at 4.15. Prices softened as demand stalled. In the US, crude oil stocks were expected to rise by 2.1 million barrels, but fell by 3 million barrels. The rupee had gained 19 paise to close at 6.7 against the rupee.

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