DY: Gold steady, Palladium falls and the Indian rupee gains strength slowly
The gold prices, which generally rise during this part of the year, have actually steadied at around Rs.29,934 per 10 gm within the Indian market. With the festival season coming up, one would expect a stronger and steeper rise, but it seems the Indian buyer isn’t ready to buy in much of the precious yellow metal, as the pockets of many have been hit. Even if the growth in price does come through, it will certainly come later this year, looking at the numbers. On the other hand, silver is priced at RS. 53474 per kg with again has risen by moderate levels.
On the international scenario, the main precious metals which have taken a hit include Platinum, and Palladium. With the volatile market fro carmakers, who are the primary buyers of the auto catalyst metals, prices seem to be stagnant, or reduced by and large. Palladium especially, has been the weakest taking a hit of 10.5% for the year. HSBC pegged its estimate at $655 an ounce for 2012.
