Gold continues to retain its sheen

​Hyderabad: Worldwide the yellow metal continues to retain its shine. On the closing day, it was quoted in the range of $1,227.70- 1,228 (per Ounce). It would be no surprise if it touches the comfortable level of $1,240 in about next four weeks. Silver closed at $14.62. 

The exchange rate of Indian Rupee vis-a-vis $ stood at Rs 73.32 while against the British Pound at Rs 95.71. Similarly, Brent and Copper closed at $80.13 and $452 respectively. Crude oil closed at Rs 5,100.

At home, MCX gold closed at Rs 31,930 (per 10 gms) while MCX Silver closed at Rs 38,787 (per kg). Among other economic parameters, Sensex closed at 34,315.63 points while Nifty at 10,303.50 points. Nasdaq closed at 7514.51 points. 

During the week, while standard gold and the ornamental gold closed at levels higher by Rs 120 (per 10 gms) when compared with the last week’s closing level. Pure silver declined marginally by Rs 100 (per kg) during the same period.

The markets recorded brisk business during recently concluded festivals of Navratri and Dussehra. Now, traders are busy in decking up their stores with the latest designs of gold and silver ornaments and coins to attract customers on their Diwali shopping spree. 

On Saturday, standard gold (24 carats) closed at Rs 32,780 (per 10 gms) vis-a-vis last week’s closing level of Rs 32,660. Ornamental gold too, followed suit and was quoted in the range of Rs 30,250-30,350 on the closing day.  

Silver (0.999) on the other hand, moved in the opposition direction and closed at Rs 38,800 (per kg) against the previous week’s closing mark of Rs 38,900. 

 - Dr H C Upadhyay