Gold appreciates, silver prices decline

Hyderabad: Due to not-so-happy picture of the share markets in India, Europe and USA, despite the US dollar remaining steady, big market players in a surprise move, shifted their preference to gold.

This has resulted in a sudden spurt, though marginal, in the yellow metal.

The international trend was fairly reflected in the domestic market also.

Added to this, festival season has already set in with the buyers mostly rural landlords thronging to the jewellery stores.

During the week, standard gold and the ornamental gold closed at levels higher by Rs 210 (per 10 gms) when compared with the last week’s closing level.

Pure silver, on the other hand, declined marginally by Rs.300 (per kg) during the same period. Other economic parameters on the closing day were as follows: $ - Rs 73.56, British Pound Rs 96.83, Gold $1217.53, Silver $14.55, Brent $80.60, Copper $459.55, Crude Rs 5,243, MCX gold Rs 31,846, MCX Silver Rs 38,918, Sensex 34,733.58 points, and Nifty 10,472.50.

On Saturday, standard gold (24 carats) closed at Rs 32,660 (per 10 gms) vis-a-vis last week’s closing level of Rs.32,450.

Ornamental gold too, followed suit and was quoted in the range of Rs 30,140 – 30,240 on the closing day.

Silver (0.999) moved in the opposite direction and closed at Rs 38,900 (per kg) against the previous week’s closing mark of Rs 39,200.