Gold rises by Rs 1,100 to Rs 51,500: Crude rises by 95 95: Silver also rises

Amid fears of war between Russia and Ukraine

(Gujarat News Office) MUMBAI: The bullion market in Mumbai's jewelery market was officially closed today due to Saturday. However, prices of precious metals rose sharply in the closed market. As tensions between Russia and Ukraine escalated, global crude oil and gold-silver prices soared, and so did domestic demand. In the Ahmedabad market today, the price of gold jumped by Rs 1,100 per 10 grams, jumped by Rs 21,000 to Rs 31,600 from 2.50 and Rs 21,200 from 2.50.

In the Mumbai market, the price of gold excluding GST was quoted at Rs 8 per ounce of Rs 2.50 while the price of gold at Rs 7.50 was quoted at Rs 6 per ounce. While prices with GST were three per cent higher than this. The price of Mumbai silver was Rs 50 with GST excluding Rs 319 while the price with GST was three per cent higher than this.

Meanwhile, gold prices in the world market jumped from ૮૨૯ 15 to ૮૩ 120 an ounce to ૮૬ 161 to 17 and were reported to be at ૮૫૮ 16 to અંતે 17 over the weekend. Behind gold, the global silver price also rose by ૪ 8.05 to ૪ 4.05 and rose to ૬૭ 7.5 from ૫૮ 4.5 to ૫૯ 7.5. There were signs of rising tensions between Russia and Ukraine.

Meanwhile, according to US intelligence sources, the Winter Olympics in China are scheduled to end on February 20 and before that Russia is likely to invade Ukraine. As a result, the demand for safe haven in gold has increased in the world market. On the other hand, the rise in crude oil prices to ૯૫ 5 a barrel has had an impact on the global gold market, market sources said.

Copper prices in the world market fell by 3 to 4 per cent. Platinum prices ranged from ૩૫ 105 to ૩૬ 105 to ૩૨ 105 to ૩૮ 105 to ૩૮ 105, while palladium prices ranged from ૨૨૫૯ 5 to ઉ 20 to ૨૩૬૩ 5 to ૨૩૬૪ 205 to ૯ 205. Palladium prices jumped.

Meanwhile, crude oil prices rose in world markets. New York's main contract, light sweet crude for delivery in New York, rose from 21.05 a barrel to ૬૬ 6.10 and closed at ૯૩ 8.10. Experts fear that if the Russia-Ukraine dispute escalates, the supply of crude from Russia to the world market will decrease.

However, as crude prices soared, there were indications that crude production in the US was on the rise. The increase in the number of oil rigs producing crude oil in the United States this week is the biggest increase in the last four years, experts said. There were reports that the number of oil rigs in the United States had risen by six to six.