Markets take a breather as vaccine rollout begins

Hyderabad : With the Biden government now firmly comfortable on the saddle and world-wide Covid-19 vaccination programme underway, the global markets have, at last, heaved a sigh of relief. The global stock markets, too, have been emitting positive signals.

Consequently, New York gold closed at $1848.10 (per Ounce) while silver closed at $26.98 (per Ounce). Platinum and palladium closed at $ 1066 (per Ounce) and $ 2,160 (per Ounce) respectively.

Other economic parameters remained moderate. Brent closed at $55.04 (per barrel) while Crude MCX oil was quoted at Rs.3,822 (per barrel). While Gold MCX stood at Rs.59,095 (per 10 gms), MCX Silver closed at Rs.69,712 (per kg), Copper MCX closed at Rs.595.85 (per kg). Sensex and Nifty 50 closed at 46285.77 and 13634.60 points.

Leading foreign currencies' exchange rates were, US $: Rs.72.91, British Pound: Rs.99.99, Euro: Rs.88.49, Singapore $: Rs.54.89, Swiss Franc: Rs.81.87, Australian $: Rs.55.72, Saudi Riyal: Rs.19.44, New Zealand Dollar: Rs.52.71, Kuwaiti Dinar: Rs.240.78, Omani Rial: Rs.189.39 and UAE Dirham: Rs.19.85, Japanese Yen: Rs.0.70, Hong Kong Dollar: Rs.9.40.

According to the World Gold Council (WGC), imports of gold and demand for gold jewellery declined drastically during the year 2020. In local markets, standard gold (24 carats) declined by Rs.180 and closed at Rs.49,950 (per 10 gms).

Ornamental gold too, followed the suit and was quoted in the range of Rs.45,700 – 45,800 on the closing day. Silver (0.999) appreciated by Rs.3,250 and closed at Rs.74,600 (per kg).