Gold prices to remain buoyant

Hyderabad: With the worsening of US-Iran relations and ample signs of reduction in the Fed-rate becoming quite clear the yellow metal became hot favourite of the investing clan during the week ended Saturday.

In fact, gold closed at $1,398.65 (per oz) which is at the last six year high. Silver (0.999) closed at $15.35. The buoyancy in gold is likely to continue at least for the next two months.

Other economic parameters were as follows: Brent closed at $65.35, Gold MCX stood at Rs 34,180. Sensex and Nifty 50 closed at 39,194.49 and 11,724.10 points respectively.

In foreign currency segment $ and British Pound closed at Rs 69.56 and Rs 88.75, while Saudi Riyal, Omani Riyal and Canadian dollar commanded the exchange values of Rs 18.66, Rs 198.17 and Rs 52.81 respectively.

At home, amidst unprecedented price rise in yellow metal, big players were out to make a hey when the gold is shinning.

They off-loaded huge stock in the market but there are hardly takers at this higher level of price.

Standard gold (24 carats) appreciated by Rs 310 and closed at Rs 34,390 (per 10 gms). Ornamental gold too, moved up in tandem and was quoted in the range of Rs 32,480 - 32,580 on the closing day.

Silver (0.999) recorded an appreciation of Rs 900 and closed at Rs 37,900 (per kg).