Silver surges by Rs 1000 at home after world market: Gold also rises

MUMBAI: In the global market, the dollar index weakened as investors took to the precious metal, which resulted in an improvement in prices. After the world market, the prices of gold and silver rose at home as well. A surge of Rs 1000 was seen in silver. Crude oil prices improved on concerns of internal uncertainty following the coup in Russia. The rupee remained steady against the dollar in the forex market at home.

On the first day of the week, the price of gold excluding GST at 99.90 ten grams in the Mumbai market was trading at Rs 58,726, higher than last week's official close of Rs 58,395. The non-GST price of ten grams of 99.50 gold was Rs 58491. With GST, the prices were raised by three percent. The non-GST price of silver. Prices were three percent higher with GST.

Gold 99.90 per ten gram was quoted at Rs 60,700 while 99.50 was quoted at Rs 60,500 in the Ahmedabad market. Silver was priced at Rs 70,500 per kg at 999 per kilo. Ahmedabad silver also rose by Rs 1000 from the previous close.

After the coup in Russia, the dollar index fell in the world market, investors, especially fund houses, took to the precious metal. Global gold was 1932.33 per ounce while silver was 22.83 dollars per ounce. Platinum rose to $935.97 while palladium rose to $1,315.4 per ounce.

The uprising in Russia was crushed in less than twenty-four hours, but crude oil recovered on the threat of internal uncertainty. Nymax WTI crude oil was trading at $69.60 per barrel while ICE Brent crude oil was at $74.40 per barrel on calculations that internal unrest could disrupt crude oil supplies from Russia.

In the forex market at home, the price of the dollar against the rupee remained stable at 82.04 rupees. The pound increased by 11 paise to Rs 104.44 while the euro rose by 30 paise to Rs 89.42.