Mumbai: Global gold and silver prices are being supported by geopolitical risks arising from Ukraine-Russia war and ongoing conflict in the Middle East. Domestic prices of the precious metal were said to be higher than the world market. Ahmedabad Silver rose by Rs 2500 while gold saw an improvement of Rs 1000. Crude oil prices were stable due to stoppage of crude oil production in Norway and falling production in Kazakhstan. Prices also remained stable due to Russia-Ukraine tensions.
The non-GST price of gold at 99.90 per 10 gram in Mumbai’s jewelery market was Rs 75,873, higher by Rs 1,065 compared to Monday. Prices increased by three percent due to GST. 99.50 per ten grams, the price became Rs 75569. Prices increased by three percent due to GST. Without GST, silver rose by Rs 1667 to Rs 999 per kg and was quoted at Rs 90956. Prices increased by three percent due to GST.
On Monday, gold rose by Rs 1,000 to Rs 78,500 at Rs 99.90 per ten grams in Ahmedabad. The price of ten grams of Rs 99.50 was Rs 78300. Silver .999 per kg rose by Rs 2,500 to Rs 9,200 per kg.
Global precious metals are gaining ground as the Russia-Ukraine war escalates and the situation in the Middle East continues to simmer. Global gold was at $2637 an ounce while silver was at $31.29 an ounce. As a safe haven, fund houses took to gold. Another precious metal, palladium, crossed $ 1,000 an ounce late in the evening and closed at $ 1,006, while platinum was quoted at $ 966 an ounce.
An oil field in Norway was forced to halt production due to power shortages. Additionally, an oil field repair in Kazakhstan disrupted oil production, leading to stability in global crude oil prices. Nymax WTI crude oil was at $68.78 per barrel while ICE Brent crude was at $73 per barrel. Prices have also strengthened due to Russia-Ukraine tension.
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