Gold-silver solid with Russia-Ukraine heavy fire-like situation

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MUMBAI: The Kremlin's assertion that a meeting between the US and Russia on the Ukraine issue is setting the stage for a meeting, while the Kremlin's assertion that no concrete plan has been finalized yet, has finally hit gold and silver prices.

Gold in the world market returned to the 1,200 level on Monday morning after the US President Joe Biden and Russian President Vladimir Putin reportedly discussed the Ukraine issue. Crude oil prices also remained firm. Heavy fire-like conditions continued on the first day of the week.

In the domestic Mumbai market, the price of gold, excluding GST at 9.50 per 10 grams, opened at 8 am and finally closed at 2008 compared to Friday's close. Prices were quoted three per cent higher with GST. Gold opened at Rs 2.50 and closed at Rs 5. Silver also opened at Rs 61 per kg, excluding GST, and closed at Rs 71. Prices were quoted three per cent higher with GST.

In the Ahmedabad market, gold was priced at Rs 21,600 per ten grams and Rs 2.50 per 21,500. Silver was quoted at Rs.500 per kg.

Gold was trading at ૮૯૩ 17.50 an ounce in late evening trade, while silver was trading at ૭૨ 4.5 an ounce. Palladium was trading at ૨૩૬ 71 an ounce, while platinum was trading at ૭૬ 105.

The dollar opened lower at ૫ 4.81 and touched a low of Rs 6.5, finally falling by 19 paise to close at 5.31 on Friday. The rupee appreciated for the fifth consecutive session. The initial high of the rupee washed out moderately as a result of stock market declines and forex outflows. Crude oil price Nymex was trading at ૯ 61.8 a barrel, while Brent crude was trading at ૯૪ 6.05 late in the evening. The price has also been supported by the Energy Information Administration's statement that the US will continue to be a net importer of crude oil in the current year.


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