Gold prices on the rise

Hyderabad (NVS): Even as the US dollar improved a bit leading to decline in the global gold price, Yemen strife halted the slide. Consequently, the yellow metal remained divergent during the week ended Saturday.

At home, despite uncertainty in the international market, gold and silver showed the signs of recovery thanks to the fresh upcountry demand from the retailers. However, volume-wise no big deals were made because of the absence of interest of the big players.

Standard gold (24 carats) closed higher by Rs 400 per 10 gm from the previous week’s closing of Rs 26,500 per 10 gm to Rs 26,900.The ornamental gold followed the suit and was quoted in the range of Rs 26,260-26,360 on the closing day. Silver (0.999) too gained marginally by of Rs 700 per kg at the closing level of Rs 38,500 per kg from Rs 37, 800 in the previous week.

The sentiment in principal commodity markets at the Osmangunj, Risala Abdullah, Mir Alam Mandi, General Bazar, Saroornagar, Bowenpally, Kukatpally and Dilsukh Nagar remained strong. Staple food grains like wheat, jawar, maize and bajra moved within narrow limits. With the rumours doing rounds that the government is expected to promote export of basmati and non-basmati rice, the domestic prices of rice recorded small gains.

By Dr H C UPADHYAY