Gold prices continue to appreciate

Source: thehansindia.com

Hyderabad: Despite high price, the yellow metal continued to be in good demand. Barring Friday when gold price took a halt, on all other days of the week, New York gold hovered around $1,500 (per oz).

Finally, gold closed at $1,529.20 while silver, also followed suit at $ 17.53 (per Ounce). Platinum and Palladium closed at $863.20 and Rs 1,465.76 respectively. Copper closed at Rs 440.45 (per kg).

Other economic parameters, except brent and crude oil, moved northward. Brent closed at $ 59.34 (per barrel) while Crude oil was quoted at Rs 3,870 (per barrel).

Gold MCX stood at Rs 38,822 (per 10 gms) and Silver MCX at Rs 44,593 (per kg). Sensex and Nifty 50 closed at 36,10701.16 and 10,829.35 points respectively.

Leading foreign currencies’ exchange rates were: $: Rs 71.80, British Pound: Rs 88.15, Euro: Rs 80.70, Singapore $: Rs 51.76, Canadian $: Rs 53.85, Swiss Franc: Rs 73.68, Australian $: Rs 48.48, Saudi Rial: Rs 19.15, Kuwaiti Dinar 236.08 and UAE Dirham: Rs 19.55.

At home, the business is yet to pick up. Due to high prices, imports are likely to be adversely affected. As against the annual import of some 800 tonnes in the current fiscal year the imports are likely to be about 10 per cent less.

The buyers who need to purchase gold for jewellery, due to higher prices, many of them would try to economize by selling old household jewellery, thereby substituting the demand.

During the week, Standard gold (24 carats) appreciated by Rs 130 and closed at Rs 38,100 (per 10 gms). Ornamental gold too, moved up in tandem and was quoted in the range of Rs 36,160 – 36,260 on the closing day.

Silver (0.999), too, appreciated by Rs. 700 and closed at Rs 44,500 (per kg). The sentiment in gold and silver is likely to remain strong during a couple of weeks from now.