Gold continues to lose sheen

Hyderabad: Amidst expectations of positive outcome of the ongoing trade-negotiations with China and improved employment statistics, gold remained subdued in the global markets during the week ended Saturday.

Gold ruled at the lower levels and slipped to the psychological low of $1,278.94. Silver too, declined and closed at $14.93 per ounce.

Other economic parameters generally remained strong. The $ once again came down to Rs 69.22 while British Pound and Euro closed at Rs 90.90 and Rs 77.35 respectively.

Kuwaiti Dinar commanded the exchange value of Rs 227.16 while French Franc and Australian $ closed at Rs 77.35 and Rs 48.53 respectively.

Similarly, Canadian $, UAE Dirham and Chinese Yuan commanded the exchange value of Rs 51.50, Rs 18.81 and Rs 10.26 respectively.

At home, both the previous metals ruled at lower levels. The demand for jewellery continued to be sluggish. The festival of Akshay Tritiya falls on May 7.

Traders are awaiting for this day with lots of optimism as the day is considered auspicious for buying the gold.

During the week, Standard gold (24 carats) declined by Rs.510 and closed at Rs.31,540 (per 10 gms).

Ornamental gold (22 carats) too, moved in tandem and closed in the range of Rs 29,730-23,830. Silver (0.999) declined by Rs 1,300 and closed at Rs 36,250 (per kg).