Marginal fall in gold prices

Marginal fall in gold prices
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Highlights

Marginal fall in gold prices. Amidst political turmoil in the Middle East and contradictory statistics about housing by different official bodies in US, the yellow metal moved in a narrow range last week.

Hyderabad (NVS): Amidst political turmoil in the Middle East and contradictory statistics about housing by different official bodies in US, the yellow metal moved in a narrow range last week. White metal, on the other hand, was firm despite divergent trend. Here at home, both the precious metals - gold and silver - moved within a narrow margin.

Overall, the price curve moved downward. Though the demand for gold jewellery and silver coins and silver wares has been increasing gradually in view of the ensuing marriage season, it is far from buoyancy.

During the week ended Saturday, standard gold (24 carats) closed at Rs 27,000 per 10 gm representing a decline of Rs 50 from the previous week. The ornamental gold followed the suit and was quoted in the range of Rs 26,360 - 26,460 on the closing day. Silver (0.999) on the other hand declined by Rs 1,000 per kg and closed at Rs 36,000 per kg from Rs 37,000 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 recorded marginal appreciation.

Coriander, tamarind, cashew nut, garlic, ginger and jeera moved upward while cardamom, turmeric and jaggery declined marginally due to higher supplies and lackluster demand. Chilies, tilseed and rapseed remained firm.

In Mukhtyar Gunj and Kishan Gunj cereals and pulses remained firm. The undertone in the wholesale edible oil market at Begum Bazar was moderate. Groundnut oil and its refined variant remained unchanged. However, other common edible oils such as cottonseed refined oil, rice-bran refined oil, rapseed oil and soyabean oil continued to be strong.

In perishables, the common vegetables like potatoes, tomatoes, cabbage, cauli flower, lady’s finger and leafy vegetables the sentiment was strong. In Hyderabad, the NECC price of eggs declined by Rs 5 at the closing price of Rs 230 per 100.

By Dr H C UPADHYAY

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