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balou2
6th July 2008, 01:50
Friends,
This excerpt is similar to what I see in the international talkings of the value of PM:

Mumbai, Jul 5 (UNI) Both the precious metals moved up during the week, with Silver rising by Rs 430 per kg and Gold by Rs 175 per ten gm.

What does this translate to, exactly? Specifically, what does the "Rs XXX per kg" refer to?

hiyosilver
6th July 2008, 02:16
Mumbai, formerly known as Bombay

Rupees (India) per kilogram, varying with currency markets.

I use this to find current currency values:

http://www.xe.com/ucc/

then I use this sweet little free program to convert practically anything:

http://joshmadison.com/article/convert-for-windows/

using these, I find 430 rupees is now about $9.97, and 1 kg is 32.1505 troy ounces, so it's about 31 cents per troy ounce.

balou2
6th July 2008, 20:44
So, why does it appear standard for PM values to be published in the Rs? I know the Indian PM market is big, but didn't realize it was what dominated the valuation terminology.

pkrebaum
6th July 2008, 20:52
Most countries publish (locally) their PM values in their own currency. India does a lot of reporting on PMs since it's a big industry there. We take that reporting news direct-feed and republish it here....so we're just seeing their local news here in their local denomination. Ain't the web wonderful ?

balou2
6th July 2008, 21:01
Most countries publish (locally) their PM values in their own currency. India does a lot of reporting on PMs since it's a big industry there. We take that reporting news direct-feed and republish it here....so we're just seeing their local news here in their local denomination. Ain't the web wonderful ?
Thank you kind sir. It's kind of like trying to think in metric, when you've grown up on standard. For me to think in metric takes a slight bit of mental conversion, where as standard, is, well, standard. This time, I don't think I'll bother trying to do the mental conversion, though appreciate the explanations.