Gold continues to lose its sheen

Hyderabad: If the trade-talks between the US and China result into lowering of tariff on some articles, which seems to be a possibility, the yellow metal can be expected to regain its shine.

During the week ended Saturday, Silver closed at $15.14. Other economic parameters were firm. Brent Crude further recovered from the previous week's closing mark and closed at $ 67.55 (per barrel).

Platinum and Palladium closed at Rs.25,290 (per 10 gms) and Rs 30,731 respectively. Crude MCX and Copper closed at 4,185 and 451.50. Gold MCX stood at Rs 31,734 (per 10 gms) and Silver MCX at Rs 337,761 (per kg).

Sensex and Nifty 50 closed at 38,672.91 and 11,623.90 points respectively. NY Mex closed at 60.18. Similarly, $ and British Pound closed at Rs 69.15 and Rs 90.58 respectively.

At home, amidst sluggish demand both the yellow and white metals recorded further losses. Standard gold (24 carats) declined by Rs 450 and closed at Rs 31,700 (per 10 gms).

Ornamental gold too, moved in tandem and was quoted in the range of Rs 30,100-30,200 on the closing day. Silver (0.999) too, recorded a decline of Rs 600 and closed at Rs 37,700 (per kg).