Ukraine Crisis Surrounds Home Gold and Silver Fluctuations

(By commerce representative) MUMBAI: Precious metals, including gold and silver, have been rocked in the crisis-ridden world market after Russia declared the two regions of Ukraine as independent nations. In the global market, gold crossed the 1,200 an ounce level at one point and silver also rose.

However, gold and silver retreated late in the evening following indications from NATO nations that they would rather impose economic sanctions than just wage war against Russia. The back of the world market also saw huge fluctuations in gold and silver. In the Mumbai market, silver had gained more than Rs 200. The rupee continued its five-day rally and weakened against the dollar. Crude oil prices were in favor of reform.

In the domestic market, the gold price in the Mumbai market, which is 8.50 per gram, excluding GST, opened with a gap this morning as compared to yesterday's closure. In the morning, it opened at Rs 205 and finally closed at Rs 30,151. Gold prices closed at Rs 305, down 2.50 per cent, and closed at Rs 70 on the back of global markets. Prices were set three per cent higher with GST. Silver opened at Rs 5 per kg and closed at Rs 5 per kg. Silver closed at Rs 311 higher than yesterday.

In the Ahmedabad market, gold was priced at Rs 31,600 per ten grams and Rs 2.50 per 21,500. Silver closed at Rs 2,000 per kg. Silver gained Rs 500 as compared to yesterday.

After crossing the level of 1910 per ounce of gold in the world market, it was finally traded at સાંજે 15 late in the evening. Silver also traded above ૨૪ 6 an ounce and traded at 4.5. Palladium, another precious metal, fell by ડો 21 to ૨૩૬૯ 5 an ounce and platinum by 105.

Crude oil prices have been on the rise since the announcement of economic sanctions against Russia. Nymex was trading at ૨૩ 4.5 a barrel, while Brent crude was trading at ૬૭ 4.5 a barrel late in the evening. The dollar had gained 61 paise to close at Rs 6.5. At one point, the dollar had gained 6.5 rupees.