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Gold silver spurt on buying spree global buoyancy
The winds of buoyancy consistently blew during the week ended Saturday. The new week commencing Monday is likely to be no different from the one just concluded.
Hyderabad:The switching of gears by the speculators from alternate forms of investment to yellow metal due to the possibility of higher returns on it brought cheers into the global markets. The increased acts of terror ironically bring the investing clan closer to rally around gold as they promise higher returns and are relatively steady and more reliable.
The winds of buoyancy consistently blew during the week ended Saturday. The new week commencing Monday is likely to be no different from the one just concluded.
The international trend was amply reflected in the local market also. Standard gold (24 carats) appreciated by Rs 340 and closed at Rs 32,000 (per 10 gms).
Ornamental gold also moved in tandem and was quoted in the range of Rs 31,260- 31, 360 (per 10 gms) on the closing day of the week. The fourth phase of Sovereign Gold Bond Scheme (SGBS) opens on Monday. The minimum investment in this scheme has been reduced from 2 gms to 1 gm.
Silver (0.999), too, remained upbeat and finally closed at Rs 46,600 (per kg) or Rs 200 higher than the previous week’s closing mark. The increased demand from the gold and silver jewellery manufacturers has been cited as a contributory factor for the buoyant trend in the precious metals.
The sentiment in the local wholesale commodity markets in Begum Bazar, Kishan Gunj, Maharaj Gunj, Risala Abdullah, Mir Alam Mandi, Saroor Nagar, Kukatpally, Bowenpally and General Bazar was strong.
While staple food grains such as rice, wheat, jawar, maize and bajra relatively remained unchanged, cereals and pulses firmed up further by two per cent to three per cent.
Pulses have appreciated by 27 per cent during the last quarter, while onions have declined by over 60 per cent. As against the monthly demand of about 18 lakh tonnes of edible oils in the country, now we have a stock of over 23 lakh tonnes, which also includes imported oil.
The sentiment in common vegetables remained strong. With lower arrivals of vegetables in the market, the price spiral remained southward.
NECC eggs in Hyderabad closed at Rs 416 (per 100) or Rs 2 higher than the last week’s closing mark. This price was the lowest in the whole country on Saturday, the highest being Rs 470 in Lucknow.
By:Dr H C Upadhyay
