Gold prices to remain moderate

​Hyderabad: Amidst contrary and confusing statements of the US president Donald Trump about the outcome of his recently held discussions with the Russian president Putin, the global markets remained in the to-be or not to-be mode. During the week, precious metals moved within a narrow bracket. On the closing day standard gold (24 carats) was quoted at $1,231.37 (per Oz) while silver (0.999) stood at $15.47. Towards the week end, Rupee gained marginally against $ and was quoted at Rs.68.84 per $. Similarly, British pound commanded the exchange value of Rs 90.30.  

Among other economic parameters Crude MCX closed at 4707 while Brent at $73. Gold MCX closed at Rs 29,920 (per 10 gms). Copper MCX remained firm at 420.35. Sensex and Nifty, however, were strong and closed at 36,496.37 points and 11010.20 points respectively.

The week at home was lack luster. Due to the ongoing slack season the market for precious metals saw a few buyers. Still the volumes were considerably high in the zero-business style. The mushrooming growth of unregulated refineries in Hyderabad and Secunderabad is the proof of such black transactions.  During the week gold and gold jewellery recorded decline of Rs.160 and Rs.150 (per 10 gms) respectively while silver receded by Rs.600 (per kg).

Standard gold (24 carats) declined from the previous week's closing of Rs.31,160 (per 10 gms) to Rs.31,000. Ornamental gold followed suit and closed in the range of Rs.28,600-28,700. The white metal too, declined marginally and closed at Rs.39,300 (per kg). The sentiment in both the precious metals is likely to remain moderate in the next week also. (NVS)

By: DR. H.C UPADHYAY