Gold prices go up in local markets

Amidst the second wave of Covid-19 pandemic gripping some of the European countries besides a few States of the USA and the race for the presidential election in the US nearing the finish line, the yellow metal along with other precious metals moved within a narrow range in the global markets during the week ended Saturday.

As such, the New York gold closed at US $ 1,878.60 (per Ounce) while silver closed at $ 23.64 (per Ounce). Platinum and palladium closed at $ 840 (per Ounce) and $ 2,086 (per Ounce) respectively.

Other economic parameters remained moderate. Brent closed at US $ 37.46 (per barrel) while Crude MCX oil was quoted at Rs.2,639 (per barrel). While Gold MCX stood at Rs.50,700 (per 10 gms), MCX Silver depreciated and closed at Rs.60,920 (per kg), Copper MCX closed at Rs.525.80 (per kg).

Sensex and Nifty 50 closed at 39614.07 and 11642.40 points.

Leading foreign currencies' exchange rates were, US $: Rs.74.55, British Pound: Rs.96.50, Euro: Rs.87.05, Singapore $: Rs.54.57, Swiss Franc: Rs.81.21, Australian $: Rs.52.40, Saudi Riyal: Rs.19.88, New Zealand Dollar: Rs.49.67, Kuwaiti Dinar: Rs.244.22, Omani Rial: Rs.193.84 and UAE Dirham: Rs.20.30, Japanese Yen: Rs.0.71, Hong Kong Dollar: Rs.9.61.

In local markets, due to the on-going festival season standard gold (24 carats) appreciated by Rs.510 and closed at Rs.51,900 (per 10 gms).

Ornamental gold too, followed the suit and was quoted in the range of Rs.47,500 – 47,600 on the closing day. Silver (0.999) flared up by Rs.2,800 and closed at Rs.65,300 (per kg).