Market players shift gear to dollars, stocks

Hyderabad: As the US dollar gained strength and investment in stocks became more lucrative, big market players shifted gears from gold to dollars and stocks. Standard gold touched its lowest level of past seven months during the week ended Saturday. Consequently, New York gold closed at $1,784.60 (per Ounce) while silver retained its sheen and closed at $27.26 (per Ounce). Platinum closed at $1,266 (per Ounce) and Palladium closed at $2,264 (per Ounce).

Other economic parameters remained strong. Brent closed at $62.91 (per barrel) while Crude MCX oil was quoted at Rs 4,313 (per barrel). While Gold MCX stood at Rs 46,190 (per 10 gms), MCX Silver closed at Rs 67,266 (per kg).

Copper MCX closed at Rs 690.05 (per kg). Sensex and Nifty 50 closed at 50,899.76 and 14981.75 points. Leading foreign currencies' exchange rates were, US $: Rs 72.55, British Pound: Rs 101.68, Euro: Rs 87.92, Singapore $: Rs 54.72, Swiss Franc: Rs 80.90, Australian $: Rs 53.10, Saudi Riyal: Rs 19.34, New Zealand Dollar: Rs 52.94, Kuwaiti Dinar: Rs.239.75, Omani Rial: Rs 188.44 and UAE Dirham: Rs.19.75, Japanese Yen: Rs 0.69 and Hong Kong Dollar: Rs 9.36.

In local markets, standard gold (24 carats) crashed by Rs 1,120 and closed at Rs 47,180 (per 10 gms). Ornamental gold too, followed the suit and was quoted in the range of Rs 43,150 – 43,250 on the closing day. Silver (0.999) appreciated by Rs 500 and closed at Rs 73,800 (per kg).