Gold and Silver Coin Sales at Peak
During the afternoon’s trade, the Indian rupee was observed at a weaker position having a strong influence from the scenario where dollar has climbed high overseas with investors. The currency has started from lower by 16 paise at Rs. 45.96 per dollar and slowly reached to 45.84.
In addition, gold prices again gained a hike above $1,900 an ounce in London, probably having an influence from expectations that the United States can execute one more round of monetary easing. Simultaneously, the gold was observed to jump 0.9% at $1,901.50, an ounce at 0916 GMT and secured its place among the best performing commodities of the year.
Further, the market has witnessed highest sale of gold as well as silver coins since January. Consequently, the US Mint has credited to sell 112,000 ounces of gold coins along with 3.68 million ounces of silver coins, during the last month.
"Whatever that will be, it is more likely to be positive for gold than not. Either they will have to cut rates, or they will have to be more accommodating”, said Standard Bank analyst, Walter de Wet.
Meanwhile, in a statement, the USB has notified that existing positioning going great along with the year-to-date weekly average.