Gold jumps to Rs 54,000: Mumbai silver rises to Rs 70,000

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(Gujarat News Office) MUMBAI: The bullion market in the Mumbai jewelery market was officially closed today due to Saturday. However, market sources said that the rise in the price of precious metals in the closed market has led to a new uptrend. Domestic import costs have skyrocketed as global markets have rallied. With the dollar also bouncing against the rupee, the jewelery market has found a new reason for its rally.

Gold prices in the world market were hovering around ૯૭૨ 15 to ૯૭ 17 an ounce, up from ૯૪૮ 15 to ૯૭ 121 an ounce over the weekend. Behind gold, the global silver price also jumped from ૨ 7.31 to ૨૨ 4.5 an ounce to ૭૫ 6.5 and last traded at ૭ 4.50 to ૭ 7.31. In the Mumbai market today, the price of silver with GST crossed the level of Rs 30,000 per kg.

In the Ahmedabad jewelery market, gold prices jumped by Rs 500 per 10 grams to Rs 2,000 today, hitting Rs 9,000 at Rs 9.50 and Rs 500 at Rs 9.50. Now the market players were keeping an eye on Rs 5,000. In the Mumbai market, the price of silver, excluding GST, was Rs.

Mumbai gold prices were quoted at Rs 80 with a price of Rs 8.15 for a non-GST and Rs 70 with a price of Rs 915 for a 6.50. While prices with GST were three per cent higher than this.

The rise in global crude oil prices by 3 to 4 per cent was having a positive effect on gold prices. New York's main contract, light sweet crude for delivery in New York, rose from ૯ 103.5 a barrel to à«« 114.5 a barrel and ન્ટ 114.5 a barrel, while Brent crude rose from ૨ 115.5 to à«® 114.5 a barrel in the previous session. In today's closed market, the dollar rose by Rs 2.15 against the rupee and was trading at Rs 2.50 to Rs 6.5.


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