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Gold, silver prices remain subdued despite demand
Standard gold (24 carats) closed at $1,253 (per oz), lower by $3.5 the over previous day’s closing mark. Experts opine that in order to avert further global decline, gold should rule within the margin of $1,250-1,265. Pure silver (0.999) closed at $17.47. On the other hand, at home, the demand for gold jewellery has shot up
Hyderabad : As the prospects of Fed rates’ upward revision due in the next month brightened, the US dollar, too, gained strength, following which the yellow metal steadily declined in the global markets during the week ending Saturday. However, the undertone in the international gold market has been strong despite such periodical ups and downs.
Standard gold (24 carats) closed at $1,253 (per oz), lower by $3.5 the over previous day’s closing mark. Experts opine that in order to avert further global decline, gold should rule within the margin of $1,250-1,265. Pure silver (0.999) closed at $17.47. On the other hand, at home, the demand for gold jewellery has shot up by 22-25 per cent in the wake of the ensuing Diwali festival. However, with the ending of September 30, the deadline set by the government for declaration of unaccounted money, punitive actions are likely to follow after Diwali.
According to reliable sources, whatever has been declared under the scheme is just the tip of the iceberg. Therefore, the economic offenders have been shivering in their pants about the impending action by various governmental agencies such as income tax, Enforcement Directorate (ED) and the Central Bureau of Investigation (CBI).
During the week, standard gold (24 carats) remained subdued, generally in sympathy with the international trend. Silver (0.999), too, moved in tandem and closed at Rs 42,000 (per kg). Standard gold (24 carats) closed at Rs 30,120 (per 10 gms) while the ornamental gold followed suit and closed in the range of Rs 29,420-29,520. Thus, the decline in gold during the week was to the tune of Rs 80 (per 10 gms) while in silver it was Rs 200 (per kg).
The sentiment in the wholesale commodity markets in Begum Bazar, Risala Abdullah, Osman Gunj, Mir Alam Mandi, General Bazar, Bowenpally, Kukatpally, Saroor Nagar and Alwal remained strong. There was no noticeable change in the staple food grains like rice, wheat, bajra, maize and jowar, cereals and pulses.
