Gold, silver prices decline marginally
With all eyes set on the forthcoming meeting of the Fed bank scheduled for September 2526 where a decision on increasing the interest rate is expected to be taken the has halted its forward march
Hyderabad: With all eyes set on the forthcoming meeting of the Fed bank scheduled for September 25-26 where a decision on increasing the interest rate is expected to be taken the $ has halted its forward march.
This would also result in a break on the gold price. The $ at home, is unlikely to touch the frightening mark of Rs 100 as has been recently predicted by a big player Mark. The signs of recovery of Rupee testify this optimism.
The sky-rocketing prices of petrol, diesel and petroleum products is a matter of grave concern for the country.
The OPEC and other oil rich countries are taking undue advantage of their privileged position and squeezing the maximum profit from other oil importing countries like India.
Of the two, gold and silver, the white metal has been more volatile during last two decades. The gold-silver parity ratio now' stands at 43.
In other words, one ounce of gold with which earlier, say thirty years ago, one could buy one kg of silver, today it could buy just 43 gms.
The closing values of some important economic parameters are: Sensex 38090.64 points, Nifty 11515.20 points, Gold MCX RS. 30,431 (per 10 gms) and Silver Rs 36,951 (per kg).
At home, both the precious metals recorded a marginal decline. Standard gold (24 carats) declined by Rs 60 and closed at Rs 31,450 (per 10 gms).
Ornamental gold followed suit and closed in the range of Rs 29,020-29,120. Silver (0.999) too declined by Rs 200 and closed at Rs 37,000 (per kg).