Weekly Market Review

Hyderabad (NVS): The New Year 2022 ushered in amidst growing fear of Omicron and escalating inflation, particularly in Europe. Such a situation is expected to result in increased volatility in share markets globally. It will also compel the US Federal Reserve Bank to hike interest rates eventual fall out of which which may cause a strong sentiment in gold and other precious metals.

On the closing day , New York gold closed at US $ 1,829.80 (per Ounce) while silver closed at $ 23.30 (per Ounce). Platinum and Palladium closed at $ 963 (per Ounce) and $ 1,845 (per Ounce) respectively.

Other economic parameters remained moderate. Brent closed at US $ 77.78 (per barrel) while Crude MCX oil was quoted at Rs.5,617 (per barrel). Gold MCX stood at Rs.48,083 (per 10 gms), MCX Silver closed at Rs.62,681 (per kg) and Copper MCX closed at Rs.748.95(per kg). Sensex and Nifty 50 closed at the higher levels of 58,253.82 and 17,354.05 points. Leading foreign currencies' exchange rates were, US $: Rs.74.51, British Pound: Rs.100.83, Euro: Rs.84.75, Singapore $: Rs.55.25, Swiss Franc: Rs.81.73, Australian $: Rs.54.13, Saudi Riyal: Rs.19.85, New Zealand Dollar: Rs.50.98, Kuwaiti Dinar: Rs.246.31, Omani Rial: Rs.193.55, and UAE Dirham: Rs.20.29, Japanese Yen: Rs.0.65, Canadian $ Rs.59.03 and Hong Kong Dollar: Rs.9.56.

In local markets, standard gold (24 carats) declined by Rs.1,370 and closed at Rs.48,490 (per 10 gms). Ornamental gold too, followed the suit and was quoted in the range of Rs.45,260 – 45,360 on the closing day. Silver (0.999) too declined by Rs.100 and closed at Rs.66,000 (per kg).