Gold prices drop marginally


Hyderabad: Amidst positive signals for the amicable solution to the ongoing trade war between the USA and China, Gold closed at $1,412.50 (per oz), while Silver (0.999) closed at $15.36.

Other economic parameters, including crude oil, moved northward. Crude oil closed at Rs 4,098 while Brent closed at $67.08 (per barrel).

Platinum and Palladium closed at $839.40 and $1,527.20 respectively while Copper closed at Rs 411.20. Gold MCX stood at Rs 34,200 (per 10 gms) and Silver MCX at Rs 37,445 (per kg).

Sensex and Nifty 50 closed at 39,394.64 and 11,788.85 points respectively. There is an all-round buoyancy in markets following the optimism of market-friendly budget.

At home, amidst sluggish demand both the yellow and white metals recorded marginal decline. Standard gold (24 carats) declined by Rs 40 and closed at Rs 34,390 (per 10 gms).

Ornamental gold too, declined in tandem and was quoted in the range of Rs 32,570 – 32,670 on the closing day.

Silver (0.999) also declined by Rs 450 and closed at Rs 37,450 (per kg).

The sentiment in gold and silver jewellery market is likely to remain firm further for the next couple of months in view of the current geo-political scenario.