Gold prices decline

Hyderabad: Like last year around the same period, among gold and silver moderate to strong sentiment prevailed in the international market during the week ended Saturday. US export of Maize has been adversely affected due to the on-going trade-war.

India’s import of crude oil from the US has gone up substantially. In fact, with the US and Iran once again locking horns against each other, India being friendly with both these countries has to do the balancing act. Gold in the US market was quoted $1241 (per Oz) representing an increase of $18 in last one year while silver in New York market hovered around $15.78 representing an annual appreciation of just $0.02.

During the week, standard gold (24 carats) declined by Rs 340 and closed at Rs 31,160 (10 gms). The ornamental gold too, moved in tandem and was quoted in the range of Rs 28,750-28,850. Silver (0.999), too, recorded a decline of Rs 700 and closed at Rs 39,900 (per kg).