In the post reformed milieu of the Indian economy, the import bill has been consistently rising every year. The share of Gold, Silver and Crude Oil import is one of the important factors. The huge rush for gold, brought about by the preference of the people to invest in it, has further worsened and weakened the Indian rupee against the US dollar. According to the latest survey, the gold import alone makes the 10 per cent of India’s import bill. This is really a surprising fact that 141 tons of gold were imported in April 2013 which increased to 162 tons in the month of May 2013. The import of gold has increased to 750 tons in the year of 2018. This consistent increase in the demand for gold means a rise in the demand for more US dollar when compared to the rupee. That is why the value of the US dollar appreciates and that of the Indian rupees goes down.
This week commodity market Gold, Silver and Crude Oil futures contracts closed with gains and losses as follows:
GOLD 10 g” (99.9 Pure)
- In the commodity market last week Gold April 2019 futures contract closed at ₹32,640 with the loss of ₹877
- Current week Gold April futures contract opens at ₹32,550 on Monday
- old highest gain ₹233 on Friday while highest loss ₹287 on Tuesday
- Week last day i.e. Friday of the trading Gold futures contract closed at ₹32,640 with the aggregate loss of ₹473
SILVER (1 KG)
In the commodity market last week Silver March 2019 futures contract closed at ₹38,301 and the respective contract closed on 5th Mar 2019 with ₹968 profits on the last day of the contract. May 2019 Future contract will be continued from now on wards.
- This week Silver May futures contract opens at ₹3,827 on Monday.
- March Silver futures contract highest gain ₹664 on Friday
- March Silver futures contract highest loss ₹287 on Wednesday
- Week last day of the trading Silver closed at ₹38,728 with the aggregate loss of ₹307 (₹38,728-₹39,035).
CRUDE OIL (1 BBL)
- In the commodity market last week Crude Oil Mar 2019 futures contract closed at ₹3,973 with the aggregate loss of ₹112.
- In current week Crude futures February contract opens at ₹ 4,073 on Monday
- Crude Oil highest gain ₹44 on Thursday
- Crude Oil highest loss ₹96 on Friday
- Week last day i.e. Friday Crude Oil closed at ₹3,886 with the aggregate loss of ₹87.