Gold, silver and crude rose again

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(Gujarat News Office) MUMBAI: The bullion market in the Mumbai jewelery market was officially closed today due to Saturday. However, gold and silver prices were higher in the closed market. World gold and silver prices rose over the weekend, while platinum, palladium and copper declined. There were indications that tensions between Russia and Ukraine were continuing. This led to increased fund buying in global gold. World gold prices rose from ૮૯ 161 to ૮૯૨ 16 an ounce to ૮૯૮ 12-13 an ounce. Behind gold were indications that global silver prices rose from ૭૯ 7.5 an ounce to ૯૫ 4.5 to ૦૦ 8.00 an ounce.

Gold-silver prices were higher today as import costs rose behind the world market. Russia-Ukraine tensions, meanwhile, have led to a slowdown in prices of industrial metals such as copper, platinum and palladium.

Platinum traded lower at ૮૮ 105 to ૮૯ 105 an ounce, down from ૭૨ 105 to ૭૩ 105 over the weekend. Palladium prices, meanwhile, were hovering around થી 60 to ૨૩૭ 71, down from 60 to 71.

At the Ahmedabad Jewelery Market today, gold prices rose by Rs 200 per 10 grams to Rs 31,100 and Rs 9.50 per 10 grams to Rs 21,600, while Ahmedabad silver was trading at Rs 200 per kg.

Meanwhile, crude oil prices rose sharply in the global market. Analysts said that Iran's crude oil supply is unlikely to increase in the world market in the near future.

As tensions between Russia and Ukraine continued, so did the impact on crude prices. Brent crude rose above. 61.15 a barrel to ૫૪ 2.8 and New York's benchmark price rose from ૮૬ 7.5 to ૯ 71.05 over the weekend.

Copper prices in the world market remained in the minus over the weekend. India and the United Arab Emirates have signed a trade agreement. Experts say the agreement could benefit the country's gem and jewelery sector. Under the agreement, exports of gems and jewelery to India will benefit from zero duty in the UAE market and a five per cent rebate.

The agreement will boost jewelery exports from India to the Gulf region. Experts estimate that exports of such jewelery from India to the Gulf will increase to ૧૦ 10 billion (Rs 9,000 crore).

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