Gold declines in local markets

Hyderabad: The ongoing Russia-Ukraine war has plunged the global economy into turmoil. Big or small, all countries irrespective of their socio- economic stature have been badly affected. Many countries including the USA have hiked interest rates, thereby making the bank borrowing dearer. India, too, is no exception to such a situation.

Amidst the air of uncertainty, New York gold closed at $1,883.10 (per Ounce) while silver closed at $22.34 (per Ounce). Platinum and palladium closed at $956 (per Ounce) and $1,972(per Ounce) respectively.

Other economic parameters remained moderate to strong. Brent closed at US$ 112.39 (per barrel) while Crude MCX oil was quoted at Rs.8,433 (per barrel). Gold MCX stood at Rs 51,344 (per 10 gms), MCX Silver appreciated and closed at Rs 62,520 (per kg) and Copper MCX closed at Rs 761.00 (per kg).

In local markets, standard gold (24 carats) declined by Rs 1,090 and closed at Rs 51,710 (per 10 gms). Ornamental gold too, followed suit and was quoted in the range of Rs 47,300 – 47,400 on the closing day. Silver (0.999) declined by Rs 2,700 and closed at Rs 66,800 (per kg).