War makes gold and silver, oil and steel expensive

Costly essential commodities making it difficult for the common man

VAIBHAV PARWAT

Aurangabad, March 9:

Gold and silver prices have risen sharply due to the Russia-Ukraine war. In the last ten days, gold has risen by Rs 4,200 per tola. Silver, meanwhile, rose sharply by Rs 6,000. Therefore, on Wednesday, the city’s bullion market, gold prices reached Rs 53,940 per 10 gram and silver reached Rs 70,500 per kg.

The effects of the war on the city’s markets are directly affecting ordinary citizens. Oil prices continue to rise due to the war. In ten days, sunflower oil has risen from Rs 136 to Rs 175, soybean oil from Rs 130 per liter to Rs 165 and palm oil from Rs 120 to Rs 160. The prices of these three edible oils have gone up disrupting the household budget.

On the other hand, the prices of steel used for construction has gone up by Rs 1,500-2,000 per quintal. Steel prices have risen from Rs 6,300 to Rs 8,000. The bullion market has also gained momentum due to the war. On February 25, Gold was trading at Rs 48,500 for 10 gram. It has now increased by Rs 4,600 in ten days. The price of silver was Rs 64,500 per kg. This was an increase of Rs 6,000.

Rise will continue

The war caused a sudden surge in the bullion market. The price of gold which had been stable for several months, rose to Rs 53,940. The price of silver rose to Rs 70,500 per kg. The bullion market will continue to rise as long as the war continues, said Rajendra Mandlik, president, Saraf Association.

Steel prices still climbing

The price of steel has gone up to Rs 7,800 per quintal. Gas is imported from Ukraine. This has had a direct effect on the steel industry as it requires large amounts of gas during manufacturing. The prices will further go up if the war continues to rise, said Manik Patil, builder.

Government might find a solution

Prices of various commodities in the market continue to rise. In edible oil, soybean, sunflower and palm oil prices had gone up by Rs 15 to Rs 30 in four days. After March 1, it again increased by Rs 20 to Rs 25. The government doesn’t find a solution to stop the rise, said Suresh Nimbalkar, oil seller.