Gold lost its sheen

Hyderabad: Amidst the speculation that country’s black money stashed in foreign banks is coming back into the country in its new ‘avtar’ of gold despite severe restrictions on the import of yellow metal, eventually brought down the price of gold at home.

True, the continued strenghening of US dollar also was a major factor for the southward journey of the yellow market. Further, with the festival season over in the country, demand for gold is expectedly returning back to its pre-festival level. The official import of gold which stood at 95 tons in September is expected to be about 50 tons in October. The outlook for the current Vikram year 2071 is that the consumption of gold is likely to be 34 per cent less despite lower prices.

Back home, the declining trend continued. During the week both the precious metals recorded further decline.