Precious metals look up as global geo-politics improve

Hyderabad: With the continued improvement in the geo-political situation all over the world, the precious metals looked up during the week ended Saturday. However, buoyancy also returned to other segments of the market. Consequently, New York gold appreciated and closed at $1824.30 (per Ounce), while silver followed suit and closed at $27.35 (per Ounce). Platinum and palladium closed at $1,246 (per Ounce) and $2,318 (per Ounce) respectively.

Other economic parameters remained moderate. Brent closed at $62.43 (per barrel), while Crude MCX oil was quoted at Rs 4,331 (per barrel). While Gold MCX stood at Rs 47,345 (per 10 gms), MCX Silver closed at Rs 69,184 (per kg), Copper MCX closed at Rs 640.35 (per kg). Sensex and Nifty 50 closed at 51,544.30 and 15,163.30 points. Leading foreign currencies' exchange rates were, US $: Rs 72.59, British Pound: Rs 100.48, Euro: Rs 87.98, Singapore $: Rs 54.79, Swiss Franc: Rs 81.43, Australian $: Rs 56.32, Saudi Riyal: Rs 19.35, New Zealand Dollar: Rs 52.54, Kuwaiti Dinar: Rs 239.99, Omani Rial: Rs 188.56,UAE Dirham: Rs 19.76, Japanese Yen: Rs 0.69 and Hong Kong Dollar: Rs 9.36.

According to reliable sources, the government has prepared a blue print to provide boost to the Gold Monetization Scheme. Under the new plan banks including the public sector banks will be required to encourage the investors to avail this scheme. Jewelers will be associated to promote the new plan wherein an investment of as little as 10 gms of gold also will be accepted. According to an estimate India has over 13,000 tons of gold held by private entities including trusts.

In local markets, standard gold (24 carats) appreciated by Rs.240 and closed at Rs 48,300 (per 10 gms). Ornamental gold too, followed the suit and was quoted in the range of Rs 44,160 – 44,260 on the closing day. Silver (0.999) declined by Rs 100 and closed at Rs 73,300 (per kg).