Demand for gold declines sharply

Hyderabad: Optimism still prevails in the on-going US-China trade war.

Consequently, New York gold recovered marginally at the level of $1,277.15 (per Oz) on May 18.

During the week ended Saturday, Silver closed at $14.39. Other economic parameters were firm. Brent Crude further recovered from the previous week's closing mark and closed at $72.17 (per barrel).

Platinum and Palladium closed at Rs 26,190 (per 10 gms) and Rs 29,070 respectively.

Crude MCX and Copper closed at Rs 4,416 and 428.25. Gold MCX stood at Rs 31,791 (per 10 gms) while Silver MCX closed at Rs 36,611 (per kg).

Sensex and Nifty 50 closed at 37,930.79 and 11,407.20 points respectively. NY Mex closed at 62.71. Similarly, $ and British Pound closed at Rs 70.22 and Rs 89.47 respectively.

Canadian dollar and Kuwaiti dinar remained strong at the exchange rates of Rs 52.23 and Rs 231.16 respectively.

At home, in the aftermath of Akshay Tritiya gala sales, the jewellery market remained cool.