Crude rises by $90 amid Israel-Iran standoff: Silver crosses Rs 82500

Mumbai: Amidst the news of Israel-Iran conflict, crude oil has once again reached the level of 90 dollars in the global market. On the other hand, silver reached a new high of Rs 82,500 in Ahmedabad gold and silver market. In the Ahmedabad market today, gold prices remained at Rs 74,000 at Rs 99.50 per 10 grams and Rs 74,200 at Rs 99.90 per kg, while Ahmedabad silver prices rose by Rs 500 per kg to Rs 82,500.

The bullion market remained closed today in the jewelery market of Mumbai. However, gold prices were higher at the close while silver prices rose. Gold prices in the global market were indicated to be in the range of $2335 to $2336 an ounce, with a low of $2325 and a high of $2346 an ounce. As the inflation rate in the United States is higher than expected, the expected interest rate cut will be delayed, there was news that the global gold index rose and bond yields rose, and selling of funds was seen. In the global market, the price of silver ranged from $27.94 to $27.95 an ounce, with a low of $27.75 and a high of $28.06 and $27.99 to $28.00 an ounce.

Market sources said that in the currency market today the price of dollar against the rupee increased sharply from Rs 83.19 to Rs 83.40.

Meanwhile, the price of platinum in the world market today was $972. Whereas the price of palladium was 1051 dollars. Today news came that the government has increased the tariff value used as the benchmark for calculating the import duty of gold and silver imported into India, and due to this, the effective import duty of gold and silver has increased, Market insiders said. The tariff price of gold has been increased from $706 to $747 in 10 gram terms, while the tariff price of silver has been increased from $794 to $900 in dollar terms.

In Mumbai bullion market today, gold prices stood at Rs 99.50, at Rs 71,465, at Rs 71,535 and at Rs 99.90, at Rs 71,715 without GST, while silver prices in Mumbai stood at Rs 82,400 at Rs 82,343 without GST. Crude oil prices increased again in the world market today. The price of Brent crude was high from $ 90.92 to $ 90.15 per barrel and the price of US crude was high from $ 86.63 to $ 85.81 per barrel. The market was keeping an eye on the increasing tension between Iran and Israel.