Gold prices move northward

Hyderabad: With reports of China's manufacturing sector recording a 17-year low in May and signals of further lowering of the Fed-rates in USA, the demand for the yellow metal spurted to a 14-month high. Gold closed at $1342.28 (per oz) while Silver (0.999) closed at $14.94.

Other economic parameters, including crude oil, moved northward. Brent moved up further and closed at US$ 62.04 (per barrel).

Platinum and Palladium closed at $810.37 (per 10 gms) and $1,474.16 respectively while Crude MCX closed at 3,675.

Gold MCX stood at Rs 33,045 (per 10 gms) and Silver MCX at Rs 37,035 (per kg). Sensex and Nifty 50 closed at 39,452.07 and 11,823.30 points respectively.

At home, amidst sluggish demand both the precious metals recorded excellent gains.

Standard gold (24 carats) appreciated by Rs 150 and closed at Rs 33,080 (per 10 gms). Ornamental gold too, moved up in tandem and was quoted in the range of Rs 31,430 - 31,530 on the closing day.

Silver (0.999) also remained upbeat throughout the week and closed at Rs 37,050 (per kg).

Considering the current geo-political volatility, the sentiment in gold and silver jewellery market is likely to firm up further during the next couple of months.