Strength in gold and silver behind world market: Crude rises

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MUMBAI: The local gold and silver market, which resumed today after the Diwali holidays, saw an improvement behind the global market. Gold rose to a two-month high in global markets on strong US employment data and reports of an improvement in China's trade. Saudi Arabia raised crude oil prices for the Asia region, pushing up prices in world markets.

In the domestic gold and silver market, gold, which had touched Rs 911 per 10 grams last week, excluding GST, closed at Rs 5, up from Rs 4 today.

Gold, which was trading at Rs 303 at the time of trading, closed at Rs 305, up from Rs 4,151 today. Prices were set three per cent higher with GST.

Silver. The price of one kg excluding GST, which was set at Rs 21 at the moment, rose to Rs 71 today and finally closed at Rs 4. Prices were set three per cent higher with GST.

Fund buying in gold in the world market was quoted at a two-month high. Gold was trading at ૮ 1,215 to ૮ 1,215 an ounce, while silver was trading at ૨૭ 4.5 an ounce. Among other precious metals, platinum was quoted at ૪૪ 105 an ounce, while palladium was quoted at ૫૫ 505 to ૫૬ 705 an ounce.

As decided earlier, OPEC's decision to slow down crude oil production and Saudi Arabia's increase in crude oil prices for the Asia region led to a 1.5 per cent rise in world market prices. New York's main contract, light sweet crude for delivery in New York, traded at ૬ 2.71 a barrel and Brent crude was trading at ૮ 2.81 a barrel.

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