Gold and silver prices plummet

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(From our representative) MUMBAI: Gold and silver prices rose sharply on Thursday in anticipation of an early end to the war, with NATO countries, including the US, refraining from getting directly involved in the Russia-Ukraine war. Gold and silver also fell sharply from yesterday's prices on the back of global markets. The rupee also appreciated significantly against the dollar. Crude oil prices fell again to within ડો 100. The Russian ruble also stabilized.

In the domestic market, the rise in gold prices in the Mumbai market was washed away yesterday and the GST-free price of 10.50 per ten grams, which had closed at Rs 50 yesterday, fell by Rs 15 to Rs 305 today. Gold, which had closed at Rs 70 on Thursday, also fell to close at Rs 303. Prices were quoted three per cent higher with GST. Silver also declined by Rs 4,000 to Rs 315 per kg from Rs 315 per kg. Prices were quoted three per cent higher with GST.

In Ahmedabad, silver fell by Rs 1,200 per kg to close at Rs 500, while gold was trading at Rs 1,200 per 10 grams, Rs 1,200 per kg and Rs 500 per kg.

Gold traded lower at ૯ 1,300 an ounce late in the day, while silver also fell to ૨૨ 2.6 an ounce. Yesterday's surge of more than 50 in gold was washed away today. Palladium was trading at ૨૪૪૪ 8 an ounce while platinum was trading at ૫૮ 105.

The dollar had lost 3 paise to close at Rs 4.5. The pound was down 3 paise at Rs 100.5 and the euro was down 0.3 rupees at Rs 3.15. The Russian ruble was reported to have rebounded against the dollar.

There were reports of crude oil falling below ડો 100 a barrel again. Brent crude, which was trading at ૫ 103 a barrel yesterday, fell to ૯૮ 4.5 late this evening, while Nymex was trading at ૭૨ 4.5.

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