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Global cues pushes gold price up
Global cues pushes gold price up, Following improved global cues the yellow metal recorded smart gains during the week that ended Saturday.
Hyderabad (NVS): Following improved global cues the yellow metal recorded smart gains during the week that ended Saturday. As the expectations for higher interest rates by the US fed were doing rounds, the big market players preferred to wait and watch during last two days of the week.
At home, the sentiment on gold and silver was moderate. With the onset of fresh bout of purchase in view of the encroaching marriage season the small time investors and domestic buyers are expected to lend the requisite support to the market.
Standard gold (24 Carats) closed at Rs 28,120 (10 Gms) from last week closing marks of Rs 28,000. Ornamental gold too followed the suit and was quoted in the range of Rs 27,670- Rs 27,770 on the closing day. Silver (0.999) crossed Rs. 38,000 mark and closed at Rs. 38,300 (a Kg) or Rs 300 higher.
Coming to commodities, the sentiment in the Osmangunj, Risala Abdullah, Kishan Gunj and the general bazar was from moderate to strong. Staple food grains like wheat, rice, bajra, jawar and maize remained unchanged at the respective closing levels in the last weeks while spices such as garlic, ginger, corriander, jeera, saunf and pepper appreciated marginally. On the other hand tamarind, amla and ajvain recorded small gains during & first 5 days of the week but relented in the latter part.
The cereals and pulses in Mukhthyar Gunj Market were firm. The appreciation was in the range of 5 percent to 8 percent in Tuar daal, Moong daal and urad daal while masoor daal, soya daal, peas and month daal recorded a marginal decline. The outlook for the new week beginning monday is strong sentiment.
Sugar S-30 and jaggery moved within a narrow margin. The undertone in Begum bazar wholesale edible oil was from moderate to strong. Groundnut oil and its refined variant got appreciated.
The sentiment in perishables was from moderate to strong. Common vegetables like potato, onions, cabbage, cauliflowers, lady finger, kanda and leafy vegetables hardened a bit despite the present cold-wave. The NECC eggs were ruled within a narrow limit.
By: DR HC Upadhyay
