Gold lost sheen, price fell marginally

Hyderabad (NVS): Slow but steady improvement of US dollar vis-à-vis other currencies and not so volatile international political situation resulted in to a marginal decline in the global price trend of gold during the week ended Saturday.

At home, the declining trend was revealed in major bullion markets. This year Diwali glow and glitter were exceptionally good. Though domestic buyers could not make sizeable purchases owing to limited savings on hand, still the total demand was much higher at least in terms of number of buyers when compared with past couple of years. During the week both the precious metals recorded decline. While standard gold (24 carats) declined by Rs 150 from the previous week’s closing of Rs 27,570 (per 10 gms) to Rs 27,420 followed by pro-rata decline in the ornamental gold which closed at Rs 26,770, silver (0.999) recorded a decline of Rs 350 at the closing level of Rs 38,300 (per kg) from Rs 38,650 in the previous week. Despite the decline high-volume buyers preferred to wait and watch for the further decline which resulted in the overall lower trading volume.