Gold records excellent gains

Hyderabad: Amidst escalating strife between the US and Iraq and increasingly bitter poll-campaign for the next presidential election, the New York gold remained firm during the week ended Saturday.

Gold closed at $1,427.65 (per Ounce) while silver too, appreciated and closed at $16.31 (per Ounce). Platinum and Palladium followed suit and closed at $ 850.60 and 1,510.25 respectively.

Other economic parameters, except the crude oil, moved northward. Brent closed at $63 (per barrel) while Crude oil was quoted at 3,827.

Copper followed at 457.05. Gold MCX stood at Rs 35,048 (per 10 gms) and Silver MCX at Rs 41,162 (per kg). Sensex and Nifty 50 closed at 38,337.01 and 11,419.30 points respectively.

Leading foreign currencies' exchange rates were: $Rs.70.15, British Pound Rs88.33, Euro Rs78.78, Singapore $ Rs 52.03, Canadian $ Rs 54.21, Swiss Franc Rs 71.75, Australian $ Rs 49.97 and UAE dirham Rs 19.26.

At home, amidst sluggish demand both the yellow and white metals recorded excellent gains. Standard gold (24 carats) appreciated by Rs 730 and closed at Rs 35,430 (per 10 gms).

Ornamental gold too, moved up in tandem and was quoted in the range of Rs 33,650- 33,750 on the closing day. Silver (0.999) took a quantum jump of Rs 2,200 and closed at Rs 40,600 (per kg).

The sentiment in gold and silver jewellery market is likely to remain firm in view of prevailing volatility quite for a few weeks from now.