Gold and Silver prices decline marginally
Notwithstanding the successful truce between North Korea and the USA and satisfactory performance of other economic parameters, the fear of trade-war between China and the USA with the potentials to engulf other countries too, is looming large on the face of the World.
Hyderabad: Notwithstanding the successful truce between North Korea and the USA and satisfactory performance of other economic parameters, the fear of trade-war between China and the USA with the potentials to engulf other countries too, is looming large on the face of the World.
Even when the big market players are busy weighing the pros and cons of the recent Fed Rates hike, re-imposition of economic sanctions on Iran by the USA and its mixed reaction from rest of the countries is a matter of serious concern. During the week, gold prices in the international market witnessed the six-month lowest level of $1,260 (per oz).
However, on Saturday the yellow metal was quoted at $ 1,268.49. Rupee gained by 15 paise against the $ and was quoted at Rs 67.84 while against British Pound, it stood at Rs 90.06. Sensex and Nifty were firm during the week and they closed at 35,689.60 and 10,821.90 points respectively.On the oil front, there is good news. The OPEC has finally resolved to increase its daily production of crude oil by 10 lakh barrels from next month.
Russia in turn, is likely to follow suit. These decisions are bound to have the desired impact on our economy as the oil price would come down. Still, due to the Iranian issue, Brent prices are expected to hover around $70-72.
In the local market, both the precious metals recorded a marginal decline. While standard gold and ornamental gold declined by Rs 270 and Rs 260 (per 10 gms) respectively over previous week, silver of 0.999 purity declined by Rs 300 (per kg). Standard gold (24 carats) after closing at Rs 31,840 (per 10 gms) in the previous week declined marginally during the week and finally closed at Rs 31,570.
Ornamental gold followed suit and closed in the lower -range of Rs 29,130 -29,230. Similarly, silver (0.999) also declined by Rs 700 and closed at Rs 40,600 (per kg).
By DR.H.C UPADHYAY