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Gold prices on the decline
Gold Prices on The Decline. The expectation of hiking the federal interest rates sooner than scheduled coupled with relatively calm political scenario in the international arena further brought down the gold prices during the week.
Hyderabad (NVS): The expectation of hiking the federal interest rates sooner than scheduled coupled with relatively calm political scenario in the international arena further brought down the gold prices during the week. The yellow metal touched the bottom level of $1,223 per oz during the week which was the lowest rate in last eight months.
At home, the yellow metal reacted to the international trend notwithstanding the fact that the demand for gold coins and idols is likely to pick up during the upcoming Navaratri, Dasara and Diwali festivals. Traders have acquired sufficient stock of gold and silver coins to cope up with the festival demand. During the week, standard gold (24 carats) further declined by `380 and closed at `26,870 per 10 gm.
