Corona cases, global cues drive gold prices

Hyderabad: Considering the prevailing geo-political uncertainty coupled with rapidly spreading second strain of corona virus pandemic, the movements of the precious metals globally during the week ended Saturday, has been on the expected lines.

Undoubtedly, the share market is the most vulnerable place where impact of every event, positive or negative, is felt almost instantaneously.

Consequently, New York gold closed at $1,744.50 (per Ounce) while silver followed the suit and closed at $25.25(per Ounce). Platinum and palladium closed at $ 1,195 (per Ounce) and $ 2,550 (per Ounce) respectively.

Other economic parameters remained moderate. Brent closed at $62.95 (per barrel) while Crude MCX oil was quoted at Rs 4,432 (per barrel).

While Gold MCX stood at Rs 46,610 (per 10 grams), MCX Silver closed at Rs 66,916 (per kg), and Copper MCX closed at Rs 689.90 (per kg). Sensex and Nifty 50 closed at 49,591.32 and 14,834.85 points.

Leading foreign currencies' exchange rates, on the closing day were: $: Rs 74.73, British Pound: Rs 102.44, Euro: Rs 88.93, Singapore $: Rs 55.69, Swiss Franc: Rs 80.84, Australian $: Rs 56.97, Saudi Riyal: Rs 19.93, New Zealand Dollar: Rs 52.55, Kuwaiti Dinar: Rs 247.59, Omani Rial: Rs 194.16 , UAE Dirham: Rs 20.35, Japanese Yen: Rs0.68 and Hong Kong Dollar: Rs 9.61.

In local markets, due to the traditional marriage season demand standard gold (24 carats) appreciated consecutively for the second week by Rs 770 and closed at Rs 47,350 (per 10 grams).

Ornamental gold too, followed the suit and was quoted in the range of Rs 43,300 - 43,400 on the closing day. Silver (0.999) also appreciated by Rs 1,900 and closed at Rs 71,600 (per kg).