Sentiment in gold market to remain dull

Hyderabad: Amidst clouds of uncertainty over China trade disputes, North Korea puzzle and economic sanctions on Iran, the New York gold remained volatile.

The yellow metal finally closed at $1,398.71 (per Ounce). Silver followed suit and closed at $14.99 (per Ounce).

Crude oil closed at Rs 3,933, platinum and palladium closed at $804 (per Ounce) and at $1,571.01 (per ounce) respectively while Copper closed at 438.58.

Gold MCX stood at Rs 34,583 (per 10 gms) and Silver MCX at Rs 37,915 (per kg). Sensex and Nifty 50 closed at 39,573.39 and 11,811.15 points respectively.

At home, Standard gold (24 carats) declined by Rs 90 and closed at Rs 34,260 (per 10 gms). Ornamental gold too, moved in tandem and was quoted in the range of Rs 32,470 -32,570 on the closing day.

Silver (0.999) recorded a decline of Rs 200 and closed at Rs 37,250 (per kg). The sentiment in gold and silver jewellery market is likely to remain dull thanks to the proposal to enhance import duty from 10 per cent to 12.5 per cent.

This measure is sure to encourage cheating in quality by unscrupulous traders and boost up smuggling.