Gold and silver bounce back: Crude hits $85

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Mumbai: Bullion market was officially closed today due to Saturday in Mumbai jewelry market. However, the price of gold and silver rose in the closed market. Market sources said that after the rapid fall in the prices of gold and silver on Friday, the prices have risen again after digesting the shock. World market news was showing support at the lower end.

Gold prices in the world market reached a high of 1957 to 1958 from 1963 to 1964 and last weekend prices from 1959 to 1960 dollars per ounce. Global silver prices were last guided by $24.41 to $24.42 to $24.34 to $24.35 an ounce in a high of $24.31 to $24.32 an ounce. In the Ahmedabad market today, the price of gold rose by Rs.200 per 10 grams to Rs.61,300 at 99.50 and Rs.61,500 at 99.90 while Ahmedabad silver prices continued to hit the top of Rs.74,500 per kg.

In the world market, the price of platinum rose from 937 to 938 per ounce and from 944 to 945 per ounce, the last price was 938 to 939 dollars, while the price of palladium increased from 1230 to 1231 per ounce to 1271 to 1272, and the last price was 1249 to 1250 dollars. Global copper prices were 1.30 to 1.35 percent plus at the end of the week.

Crude oil prices in the world market rose further and crossed the level of 85 dollars per barrel, which was also having a positive effect on the global gold prices. Global crude oil prices have risen for five consecutive weeks. In crude oil, demand remained good against short supply and prices were seen rising on the hope of increasing demand from China.

The price of New York crude oil rose to 80.71 from 80.86 to last at 80.58 dollars, while the price of Brent crude increased to 85.09 from 84.18 to last at 84.99 dollars. In the Mumbai bullion market, gold prices were Rs.59,253 at Rs.59,253 at 99.50 and Rs.59,600 at Rs.59,491 at 99.90, while Mumbai silver prices were at Rs.73,500 at Rs.73,420 at Rs.73,420 without GST. There were indications that the yield of the 10-year US bond in the world market increased from 3.95 to 3.96 percent.

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