Mumbai: While global markets closed the week with improvement in precious metal prices, domestic prices remained marginally higher at the Mumbai market. As a result of the Russia-Ukraine and Israel-Iran wars, the precious metal is seeing a bullish trend again. As safe investment demand for gold is increasing, the price is getting support. The effect of the war was also seen on the prices of crude oil. Currency markets remained closed on Saturday but privately the dollar was reported to be marginally weaker.
Domestically, the Mumbai jewelery market remained closed on Saturday, but over the weekend, prices in the world market were stable, with private prices being quoted marginally higher. Without GST, the price of 99.90 10 gram gold was Rs 78150 while the price of 99.50 10 gram gold was Rs 77850. Prices increased by three percent due to GST. Silver at .999 per kg was priced at Rs 90,900 without GST. Prices increased by three percent due to GST.
In the jewelery market of Ahmedabad, the price of gold of 99.90 per ten grams was Rs 80,800, while the price of gold of 99.50 per ten grams was Rs 80,600. Silver was .999 per kg which was Rs 92000.
At the end of the week in the foreign market, gold closed at $ 2716 per ounce, while silver closed at $ 31.35 per ounce. Due to the war situation, safe investment buying in gold is being seen.
Crude oil prices rose after Israel’s new attack on Beirut. At the end of the week, Nymax WTI crude oil was at $71.24 per barrel while ICE Brent crude was at $75.17 per barrel. Prices have also strengthened due to Russia-Ukraine tension. The local currency market remained closed on Saturday, but in the private sector the dollar weakened marginally to Rs 84.45.
