Market volatility hits metals

Hyderabad: Even as the diplomatic channels are busy burning their midnight oil in search of a peaceful solution to the ongoing war between Russia and Ukraine, global markets are busy in shifting gears from one product to another in an attempt to survive in the highly volatile markets.

Consequently, New York gold closed at yet another higher level of US $ 1,921.90 (per Ounce) while silver closed at $24.98 (per Ounce). Platinum and Palladium closed at $1,023.00 (per Ounce) and $2,419.00 (per Ounce) respectively. Other economic parameters moved in a zigzag manner.

Brent closed at $107.93 (per barrel) while Crude MCX oil was quoted at Rs 7,937 (per barrel). Gold MCX stood at Rs 51,475 (per 10 gms), MCX Silver at Rs 67,950 (per kg) and Copper MCX closed at Rs 816.00 (per kg). Sensex and Nifty 50 closed at 57,863.93 and 17,287.05 points. In local markets, standard gold (24 carats) declined by Rs ,210 and closed at Rs 51,600 (per 10 gm). Ornamental gold was quoted in the range of Rs 47,200 – 47,300 on the closing day. Silver (0.999) too, fell by Rs 2,400 and closed at Rs 72,300 (per kg).

Commodities

The sentiment in principal wholesale commodity markets in twin cities remained moderate. After the inauspicious week preceding Holi, Rythu Bazars and the various commodity markets in Begum Bazar, Kishangunj, Mukthyargunj, Risala Abdullah, Mir Alam Mandi, Dilsukhnagar, Kukatpally, Bowenpally, General Bazar recorded a moderate trading. However, the demand is expected to pick up during next two months as the marriage season is on its way to set in very shortly.