Gold Prices decline, Sensex on High
Gold prices on Friday declined by Rs. 1,150 to Rs. 25,650 per 10 grams, a 23-month low in the domestic market. The yellow metal seems to lose its demand in global markets after the US economy showed some signs of strength. However, no impact was seen on the shares as the BSE Sensex and Nifty rose nearly 3 percent on the same day.
The recovery of rupee against US dollar also helped the shares to rise. The BSE Sensex closed at one-week high. It rose 2.75 percent, or 519.86 points, to end at 19,395.81, while Nifty rose 2.81 percent, or 159.85 points, to end at 5,842.20 yesterday.
Like Gold, silver also dropped by Rs. 1,490 to Rs. 39,010 per kg yesterday. The yellow metal touched $1,180.7 per ounce, nearly a three-year low in the international market.
However, gold rose for the first time in four days on Saturday. It gained 0.9 per cent to $ 1,237.60 an ounce. Silver also gained 1.1 per cent to $ 18.75 an ounce today.