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Gold prices ease, dollar rebounds

Dec. 15: Gold lost some of its sheen in the local markets today, closing at Rs 6,095 per 10 grams, in a decline of Rs 45 over its previous finish of Rs 6140 on Friday.

Pure gold (99.9 purity) started on a subdued note at Rs 6,105 per 10 gm and continued to fall on increased supplies before winding down to Rs 6,095. Standard gold (99.5 purity), after a subdued start at Rs 6065 per 10 gm, declined further and closed at Rs 6055, displaying a similar fall over the last weekend close of Rs 6100.

Ready silver (.999 fineness) also started weak at Rs 8985 per kg, but thereafter, moved in a narrow range and closed at the same level, showing a fresh fall of Rs 55 over the last close of Rs 9040.

Greenback rallies

The rupee closed a shade lower against the dollar at 45.55 after trading in a narrow range of 45.55 and 45.56 in muted trading at Mumbai’s inter-bank forex market.

The dollar’s rebound against its major global rivals in overseas trade, particularly the euro, also made it slightly dearer. The rupee’s losses were limited, also because the country’s foreign exchange reserves swelled to a staggering $97 billion for the week to December 5.

Overseas, the dollar rose against other major currencies. It peaked above 108.35 yen in Asian trade and was last at 107.92. Against the euro, the greenback was almost a cent off record lows set on Friday but quickly gave back some of its early gains on Monday. It was last at $1.2250.

Crude eases

Oil prices fell on Monday as the capture of Saddam Hussein brightened hopes of an end to the attacks on Iraq’s oil infrastructure that have hampered its return to pre-war export levels.

London’s Brent crude fell 61 cents, or two percent to $29.76 a barrel after US soldiers on Saturday found the former Iraqi leader hiding in a pit at a farm near his hometown Tikrit in northern Iraq.

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